PublicInvest Research has adjusted its FY21 earnings forecasts higher by 18% though estimates for FY22/23 has been left unchanged.
PETALING JAYA: Hibiscus Petroleum Bhd
should see higher earnings for its financial year ending June 30,2021 (FY21), on the back of higher oil prices and an expected increase in production.
Given the stability in oil prices at above US$60 (RM248.55) per barrel (bbl), Hibiscus’ management is expecting to deliver three more cargoes in the fourth quarter of FY21 (Q4FY21), bringing total offtakes in FY21 to 13 with 3.7 million barrels (mbbls) of oil versus an initial target of 3.4 mbbls via 12 offtakes.
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