Drilling business lifts Icon Offshore Q3 earnings


KUALA LUMPUR: Icon Offshore Bhd reported its second straight quarter of strong earnings, boosted by its drilling business that started in April.

Net profit in the three-month ended Sept 30 surged to RM14.37mil from RM426,000 made a year ago.

Revenue was up at RM87.3mil from RM52.6mil previously.

The Group's gross profit increased from RM15.7mil to RM39.4mil primarily due to contribution from Drilling Segment, the company said in a filing today.

"The outlook of upstream exploration and production activities in Malaysia is expected to be positive this year as compared to last year on the back of recovery of crude oil price," Icon said.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Icon Offshore

   

Next In Business News

CTOS IDGuard prevents over RM79 million in fraud
Trading ideas: Axiata, Tenaga Nasional, Berjaya Land, RHB Bank, FGV
US energy chief says oil reserve is a tool to meet short-term supply crunch
Oil slumps on Omicron fears; posts biggest monthly fall in 20 months
Copper hits two-week low on Omicron uncertainty, aluminium slips
Powell places faster bond-buying taper on Fed's Christmas table
GLOBAL MARKETS-Stocks slide as Omicron worries push investors to safe havens
S&P sees stronger fourth quarter for Asia
Strong fundamentals lift RHB Bank’s earnings
Bursa Malaysia rebounds marginally

Others Also Read


Vouchers