KUALA LUMPUR: Vantris Energy Bhd returned to the black with net profit of RM145.79 million in the first quarter (1Q) of the financial year ended Jan 31, 2027 (FY2027), compared to net loss of RM477.95 million in the same period a year ago.
The oil and gas services firm stated in a Bursa Malaysia filing today that the uplift was primarily attributable to lower loss recognised from a project in Angola as it nears completion, recognition of a favourable insurance claim and reduction in finance cost following the completion of the group's restructuring exercise.
However, revenue fell to RM645.21 million in 1Q FY2027, compared to RM801.37 million in 1Q FY2026.
"The decline was primarily attributable to lower contributions from the engineering and construction (E&C) segment, reflecting the group’s deliberate strategic shift towards contracts with a more balanced risk profile across Southeast Asia and Australia, with a focus on lower-risk, service-oriented activities.
"In addition, there were lower activity levels in the operations and maintenance (O&M) segment due to seasonal factors, but the effects were partially mitigated by stronger performance from the drilling segment, supported by higher contract rates secured,” it said.
The E&C segment is expected to remain resilient, supported by the recent completion of several major projects and a deliberate, strategic shift towards contracts with a more balanced risk profile.
With an order book of approximately RM2.3 billion and a healthy pipeline of opportunities currently open for tender, the company said the segment is well-positioned to contribute steadily to the group’s future earnings.
"The group will continue to prioritise opportunities within the Southeast Asia and Australia regions while maintaining disciplined project execution, optimising operational efficiencies, and strengthening risk management practices to support the segment's sustainable growth.
"The company’s immediate priority is to exit Practice Note 17 status by delivering two consecutive quarters of profitability, sustaining operational momentum, and reinforcing stakeholder confidence. In this regard, the group has achieved profitability in 4Q FY2026 and 1Q FY2027,” it said. - Bernama
