Carimin swings back to profitability in fourth quarter

In a filing with Bursa Malaysia, Carimin said its outlook remained positive given the resumption and continuation of project activities.

PETALING JAYA: Carimin Petroleum Bhd returns to the black, with a net profit of RM2.11mil for the fourth quarter of its financial year ended June 30, 2021 (FY21), compared with a net loss of RM4.45mil in the same period a year ago.

The company attributed the improvement to the finalisation of projects and cost rationalisation. It announced a second interim dividend of 0.50 sen per share.

During the quarter in review, Carimin saw its revenue fall 33% to RM40.76mil from RM60.96mil in the fourth quarter of FY20 due to disruptions caused by the national lockdown.

For FY21, net profit was RM13.19mil, up from RM12.93mil in FY20, while revenue fell to RM165.21mil from RM373.86mil.

In a filing with Bursa Malaysia, Carimin said its outlook remained positive given the resumption and continuation of project activities.

“The group would continue to assess its capital asset and capabilities and increase its operating efficiency. It would also explore new opportunities for growth and sustainability,” it said.