No surprises. FY01/10 core net profit was largely in line, accounting for 103% and 95% of our full-year forecast and market consensus respectively. 4Q revenue was down 53% qoq, mainly due to lower revenue from marine division (-47% qoq) on account of declining charter rates and lower utilisation rates as well lower contribution from IPF division (-71% qoq) due to seasonal factors. Despite higher margins for IPF (+20.8%-pts qoq), overall margins were dragged down by an operating loss of RM43.7m for themarine division (vs. 3Q operating loss of RM20.8m) as well as declining drilling margin (-3.4%-pts qoq) stemming from lower utilisation rates.
SapuraCrest Petroleum Berhad : Looking Forward To FY11- 25/03/2010
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