In line. 1QFY01/11 core net profit of RM50.7m accounted for 22% and 24% of our and consensus full-year estimates respectively, comfortably within expectations. 1Q IPF revenue was significantly better both on a yoy and qoq basis, but this was offset by lower revenue from the drilling and marine divisions as charter rates and utilisation rates remained soft. We note that 1Q EBIT was boosted by lower losses from the marine division, but if we strip this out, EBIT for the IPF, drilling and O&M divisions would have been flat despite higher revenue. In our view, 1QFY01/11 EBIT margins are more normal in the absence of higher-margin deepwater jobs that were completed in FY01/10.
SapuraCrest Petroleum Berhad : Lower Marine Division Losses Boosted Earnings - 25/6/2010
No comments:
Post a Comment