Business

Friday November 6, 2009

Scomi Group Q3 profit up


PETALING JAYA: Scomi Group Bhd posted a 19% increase in net profit to RM23mil for its third quarter ended September 30th, compared with the corresponding quarter in 2008, on the back of RM424.1mil in revenue.

The company said in a statement that the oilfield services division remained the largest revenue contributor, representing 73% or RM310.9mil of total revenue.

Drilling waste management and drilling fluids contributed 50% and 46% respectively to the oilfield division’s revenue.

The public transportation business, under unit Scomi Engineering Bhd – seen as a key driver of growth for the company, generated 33% higher revenue, compared with the corresponding quarter in 2008.

Group chief executive officer Shah Hakim Zain said the company was upbeat on its outlook with various works starting in Asia and the Middle East.

It also sees stronger demand for urban trasportation services in fast growing markets like China, India, Brazil, Indonesia and the Middle East.


SCOMI : [Stock Watch] [News]


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