Hibiscus Petroleum's 3Q net profit rises to RM71.51mil

Hibiscus Petroleum Bhd managing director Dr Kenneth Pereira

KUALA LUMPUR: Hibiscus Petroleum Bhd’s net profit for the third quarter ended March 31, 2023 (3Q 2023), increased to RM71.51 million compared to the "normalised” net profit of RM35.1 million recorded in the same quarter last year.

The "normalised” net profit in 3Q 2022 arrived after removing one-off non-operational adjustments which consisted of negative goodwill amounting to RM317.3 million and impairment of intangible assets of RM44.9 million, the group said in a statement today.