Hibiscus 4Q net profit falls to RM109mil

The company posted a 47% higher revenue of RM738mil for the quarter.

PETALING JAYA: Hibiscus Petroleum Bhd’s net profit fell by 12% year-on-year (y-o-y) to RM108.7mil in its fourth quarter ended June 30, 2024 (4Q24), dragged down by an impairment on equipment of RM61mil and higher expenses.

This was despite higher revenue recorded for the quarter at RM738mil, reflecting an increase of 47% y-o-y.