Velesto in position to rebound from subdued results

Maybank Investment Bank Research said it has raised its financial year 2023 net profit forecast for the company by 7%.

PETALING JAYA: Provider of services to the oil and gas sector Velesto Energy Bhd may benefit from potentially higher sustained development costs rate (DCR) on strong demand for jack-up rigs.

This is despite the company delivering subdued results in its recent third quarter.