2QFY10 results largely in line. 1HFY10 core net profit of RM63.1m (+4.7% yoy) accounted for 37.3% and 38.0% of our full-year forecast and market consensus. However, we consider the results to be largely in line as we expect a stronger 2HFY10with higher contribution from PCSB and Sarawak Shell contracts as well as margin expansion arising from higher-margin onshore construction services (from ExxonMobil). Nevertheless, 2QFY10 EBITDA margin increased 2.1%-pts to 19.1% due to stronger contribution from higher-margin services as well as tight costcontrol.
Kencana Petroleum Berhad : Stronger 2HFY10 - 26/03/2010
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