KUALA LUMPUR: KENCANA PETROLEUM BHD [] posted slightly lower net profit of RM30.82 million in the first quarter ended Oct 31, 2009 compared with RM33.06 million a year ago.
It said on Monday, Dec 21 revenue declined by about 12% mainly due to progress achieved for contracts in hand, which was in line with the project delivery schedule. Profit before tax fell 5% from RM43.9 million to RM41.8 million. Earnings per share were 3.41 sen compared with 3.67 sen.
When compared with the fourth quarter ended July 31, 2009 profit before tax rose 7.5% to RM41.8 million from RM38.9 million.
"The increase in profit before tax for the current quarter was mainly due to better management of costs," it said.
On the outlook, it said capital spending in the upstream oil and gas sector was expected to be resilient despite the lower world oil prices. This was based on continued active exploration and production activities by the oil and gas companies.
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