Scomi Marine nets RM55m Q2 profit

Scomi Marine Bhd's net profit for the second quarter ended June 30, 2010 increased to RM55.368 million from RM22.842 million in the same quarter of its 2009 financial year.

The increase in net profit was mainly due to gains from the disposal of an associate company, CH Offshore Ltd (CHO), which was completed on April 28, it said in a statement.

Its revenue for the quarter dwindled to RM101.013 million 0r 8.9 per cent lower compared to RM110.9 million recorded in the same quarter last year.

The lower revenue was mainly due to the translation loss as the US dollar weakened against the ringgit during the said period, it said.

Excluding the gains on disposal, net profit from the company’s operations was registered at RM6.5 million, 71 per cent lower as compared to the same quarter last year and was the result of lower margins from the marine logistics and offshore support sectors, it said. -- Bernama

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