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The Star Online: Business

LBS Bina Q1 earnings down 19.2% to RM10.6mil

Posted: 27 May 2014 12:46 AM PDT

KUALA LUMPUR: LBS Bina Group Bhd saw a decline of 19.2% in net profit to RM10.57mil for the first quarter ended March 31 2014 compared to RM13.08mil the corresponding quarter a year ago. 

The company said in the stock filling that revenue increased by 34.4 % to RM145.42mil compared to RM108.20mil of the corresponding quarter a year ago. 

The revenue is mainly derived from the profit contribution of the 18 on-going projects with unbilled sales of approximately RM715mil. The group is confident of its performance for the financial year ending Dec 31, 2014, what with the on-going projects.

Deleum eyes M&A with Malaysian O&G companies

Posted: 26 May 2014 11:58 PM PDT

KUALA LUMPUR: Deleum Bhd is eyeing out for merger and acquisition (M&A) opportunities with other local oil and gas (O&G) services provider as part of its expansion plans, said group managing director Nan Yusri Nan Rahimy.

"We have identified several potentials for M&As that will complement our current businesses, mainly in oil field services and maintenance, repair and overhaul (MRO)," he told reporters after the group AGM on Tuesday.

He said Deleum is currently in talks with two to three local companies.

"This year we are aiming a double digit growth in earnings and revenue and to expand our oil field services and MRO segment," he said, adding that the group has allocated RM150mil as working capital for 2014.

Deleum's core businesses are power and machinery (P&M), oildfield services and MRO.

To date, the P&M segment contributed the lion's share of the group's revenues.

The O&G services provider recorded a 42.7% jump in net profit to RM9.8mil in the first quarter ended March 31, against RM6.8mil a year earlier.

Its revenue also rose 18% to RM102.2mil from RM86.5mil previously.

Eversendai gets RM580mil job to build lift-boats (Update)

Posted: 26 May 2014 11:16 PM PDT

KUALA LUMPUR: Eversendai Corporation Bhd has secured a RM580mil contract from Vahana Offshore (S) Pte Ltd to construct two units of GustoMSC NG-2500X lift boats.

A lift boat is a self-propelled, self-elevating vessel with a relatively large open deck capable of carrying equipment and supplies in support of various offshore mineral exploration and production or offshore construction activities.

The lift boats job, awarded via Eversendai's unit Eversendai Offshore RMC FZE will be executed at Eversendai's fabrication yard in RAK Maritime City, Ras Al Khaimah in the United Arab Emirates.

The group said the lift boat's primary operating capabilities will include a 300 tonnes crane, accommodation for a minimum of 150 personnel and is propelled by its own thrusters to a speed of 5 knots and Dynamic Positioning (DP-2).

Eversendai said it views the award as a leap forward as it seek opportunities to globally expand its operations.

Managing director Tan Sri A K Nathan: "This is a breakthrough contract for Eversendai; one which will see us provide our proven skills in a brand new sector.

"This contract is particularly exciting to us as it supports our strategic decision to establish our offshore oil & gas and marine operations and is in line with our strategy to strengthen our foothold in the Middle East, where we have enjoyed a dominant market share in terms of business opportunities," it said.

He added the lift boats, named Aryan and Arjun, were scheduled for delivery in February and May 2016, respectively.

The contract win marked its second for its oil and gas arm, he added.

"With the latest job, our current orderbook is registered at RM1.68bil," he told reporters at press conference.


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