SapuraKencana Petroleum’s pre-tax profit rises to RM829.75m

KUALA LUMPUR, March 21 — SapuraKencana Petroleum Bhd’s pre-tax profit for financial year ended Jan 31, 2013 rose to RM829.75 million from RM519.53 million in the same period last year.

In a filing to Bursa Malaysia, the group said pre-tax profit was higher despite the one–off occurrence of merger-related expenses which had affected margins.

Its revenue increased to RM6.91 billion from RM2.56 billion due to the completion of the merger exercise.

For the fourth quarter ended Jan 31, 2013, its pre-tax profit increased to

RM207.85 million from RM122.34 million in the same quarter last year.

Its revenue rose to RM1.96 billion from RM560.43 million.

SapuraKencana said the growth in the regional oil and gas industry will remain robust while the capital spending in the upstream sector will be strong.

“The group is well-positioned to benefit from the spending,” it said. — Bernama