No surprises. Results were in line with our expectations. Although core net profit accounted for only 21.5% of our full-year forecast, the 1Q is seasonally a weak quarter for the core business under Kemaman Supply Base (KSB) with offshore activity slowing down during monsoon season. 12% and 27% yoy growth in 1QFY12/10 revenue and pre-tax profit respectively were mainly attributed to stronger contribution from Kemaman Port East Wharf (+74% yoy) arising from the pick-up in Perwaja’s activities as well as cost-cutting measures. Overall 1QFY12/10 operating margin increased 6.1%-pts qoq to 30.4% mainly due to lower operating expenses as well as higher contribution from Kemaman Port East Wharf and liquid chemical berth.
Eastern Pacific Industrial Corporation Berhad : No Surprises - 27/04/2010
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