Hibiscus first-quarter profit more than halves

The company's revenue also fell sharply by 36.1% year-on-year to RM477.4mil.

PETALING JAYA: Hibiscus Petroleum Bhd’s net profit slumped 51% year-on-year (y-o-y) in the first quarter ended Sept 30, 2024 of financial year 2025 (1Q25), which the upstream oil and gas player called the “most challenging quarter” of financial year 2025 (FY25).

Planned shutdowns at four of its oil field assets, lower oil and gas prices and a stronger ringgit dragged down Hibiscus’ first-quarter net profit to RM75.6mil from RM154.3mil in the previous corresponding quarter. This brought down earnings per share to 9.54 sen.