KUALA LUMPUR: Shares in Barakah Offshore Petroleum Bhd offshore surged 200% in early trade after it swung to a net profit in the third quarter ended March 31, 2020.
The offshore service provider surged 200%, or 4 sen to six sen. It is currently the most heavily traded counter on Bursa Malaysia with 91 million shares traded.
Barakah returned to the black with a net profit of RM17.53mil in the third quarter ended March 31 against a net loss of RM41.93mil for the same period the year before, as lower costs more than offset lower revenue incurred.
Quarterly revenue, however, declined 52.98% to RM23.71mil from RM50.43mil previously.
The Practice Note 17 company posted a net profit of RM22.59mil in the first nine months to March 31 on revenue of RM146.33mil.
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