Oil and gas services related Sumatec Resources Bhd posted a strong set of earnings for the first half ended June 30, 2014 but cautioned it might not achieve its net profit of RM69mil.
Sumatec said on Thursday due to the technical requirements to install artificial lift pumps on a number of wells, there has been a delay in bringing some of the wells on to production.
"Barring unforeseen circumstances, the board anticipates that the net profit of the group for the financial year ending Dec 31, 2014 may fall short of the forecasted net profit of RM69mil," it said.
Sumatec said to address the situation, the management would deploy all available resources to complete the remaining works under the workover programme, install artificial pumps and conduct production enhancement on each well, and adding more wells into the workover programme.
It posted net profit of RM6.70mil in the second quarter ended June 30, 2014 compared with net loss of RM3.94mil a year ago boosted by the upstream oil and gas (O&G) activities.
It said on Thursday its revenue was RM13.75mil compared with nil a year ago. Profit before tax was RM11.25mil compared with a loss of RM4.01mil.
"The increase in revenue and profit before tax in this quarter was attributed to the income from the upstream O&G activities," it said.
Sumatec said for the first half, it reported earnings of RM11.17mil compared with net loss of R9.16mil in the previous corresponding period. It recorded revenue of RM27.49mil versus nil a year ago.
It said when compared to the first quarter ended March 31, 2014, the group's turnover in Q2 comprising of revenue from the upstream O&G activities showed a marginal increase.
"Profit before taxation however increased by RM2.39mil in line with lower overheads and direct operating costs," it said.
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