Barakah Offshore rises in early trading

KUALA LUMPUR, June 16 -- Barakah Offshore Petroleum Bhd surged in early trade today as the oil and gas outfit swung to a net profit for the third quarter ended March 31, 2020 (3Q20).

As at 10.10 am, Barakah Offshore rose 2.5 sen to 4.5 sen with 159.08 million shares traded. 

In a filing to Bursa Malaysia on Monday, the company recorded a net profit of RM17.53 million in 3Q20, from a net loss of RM41.93 million. 

However, revenue for the quarter declined to RM23.71 million from RM50.43 million year-on-year due to lower revenue generated by the pipeline and commissioning services and installation and construction services due to the slow rollout of work orders from major oil and gas players. 

Moving forward, Barakah Offshore said it would continue to explore opportunities in the international markets and also into non-oil and gas-related industries, leveraging on its capability and track record as part of its expansion strategy.

Concurrently, the group will remain focused to further improve operational efficiency and cost reduction to ensure the sustainability of its business. 




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