November 26, 2013

Barakah Offshore Pre-tax Profit Soars To RM57.55 Million

Barakah Offshore Petroleum Bhd's pre-tax profit for the financial year ended Sept 30, 2013 soared to RM57.55 million from RM39.45 million recorded in 2012.

Revenue jumped to RM298.9 million, for the period under review, from RM201.96 million chalked up in the corresponding period, the company said in a filing to Bursa Malaysia Tuesday.

It said the higher results were due to the better performance in the pipeline and commissioning services segment, and, installation and construction services segment, which contributed approximately 59.11 and 40.89 per cent, respectively, towards the turnover.

The board believed the group would continue to enjoy positive growth given its order book of approximately RM756 million for the next five years.

"The group will continue to leverage on its core competencies and its newly completed pipe-laying accommodation barge, known as "Kota Laksamana 101", to look for opportunities for projects in the oil and gas industry," it added.

Source: Bernama