Scomi Marine Reports US$5.86 Million Q1 Profit

KUALA LUMPUR, May 22 (Bernama) -- Scomi Marine Bhd reported a pre-tax profit of RM18.322 million (US$5.86 million) for its first quarter ended March 31, 2012, up from RM7.514 million (US$2.408 million) recorded in the corresponding quarter last year. Revenue for the period fell to RM90.811 million (US$29.11 million) from RM104.769 million (US$33.58 million) previously. In a filing to Bursa Malaysia on Monday, the company said its marine logistics segment recorded lower revenues on the back of 11.5 per cent lower coal tonnage carried. "However, with savings in operational costs and interest expenses, the marine logistics segment profit increased to RM13.8 million (US$4.42 million) in the first quarter from RM6.7 million (US$2.15 million) in fourth quarter 2011. "Meanwhile, the offshore support segment recorded lower revenues on the back of decrease in the overall vessel utilisation rate from 94.1 per cent in fourth quarter last financial year to 80.3 per cent in first quarter this year," Scomi Marine said. Moving forward, the company said the number of wells to be drilled and the number of new platforms scheduled to be installed are all set to increase through to 2013 before reaching a peak in 2014. The increase in the level of activity is expected to absorb the current flow of new vessels in the market, which should result in a marginal increase in the daily charter rates of offshore support vessels, Scomi Marine said. It said the group was undergoing internal restructuring where it will strengthen its offshore support division with the integrated drilling services offered by Scomi Group Bhd's oilfield services. --BERNAMA