Icon Offshore registered a 86 percent drop in net profit to RM2.7 million for 1Q15. Revenue for 1Q15 ended 31 March 2015 also fell 20.5 percent from 1Q14 to RM63.6 million.
The reduced revenue is attributable to lower fleet utilisation rate of 64 percent for 1Q15 compared to 79 percent in 1Q14 as there was lower demand and slower activities in the oil and gas industry.
Higher cost of sales at RM40.5 million from the fuel consumption incurred for vessels available for charter and vessels on drydock also contributed to the lower profit.
Significance: Its indirect unit Icon Bahtera secured another long-term time charter contract with Zell Transportation for RM99 million.
KLK Buys German Company For RM162m
Kuala Lumpur Kepong (KLK) is acquiring Emery Oleochemicals GmbH’s oleochemicals assets and business in Düsseldorf, Germany for 40.5 million euros (RM162 million) cash.
KLK’s wholly-owned subsidiary, KLK Emmerich GmbH entered a conditional asset purchase agreement to acquire Emery’s oleochemicals assets and business, complementing KLK group’s existing fatty acids and glycerine business, enabling it to diversify into the tallow-based market.
KLK will also acquire both the production know-how and trade name for Triacetin products to enhance KLK’s worldwide presence and positioning as part of the transaction.
Significance: KLK expects the transaction to be completed in 3Q15. Also, KLK posted a net profit of RM436.7 million on the back of earning RM6.2 million for revenue in 1H15 ended 31 March 2015.
Protasco’s Net Profit Increases 23.6 Percent
Protasco‘s net profit for 1Q15 ended 31 March 2015 rose 23.6 percent to Rm13.1 million with contribution mainly from the construction division.
Revenue also surged 48.2 percent to Rm219.1 million, driven by improved performance from all divisions including maintenance, construction, property development, engineering services, education as well as trading and manufacturing.
The group continues to explore other business opportunities, both locally and internationally, to further enhance the shareholders’ value. The group is cautiously optimistic on its overall performance.
Significance: The group expects that maintenance, construction and property development divisions will be main contributors to its revenue and profits for 2015.
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