KUALA LUMPUR: SAPURACREST PETROLEUM BHD [] posted net profit of RM53.24 million in the second quarter ended July 31, 2010, which a marginal 1.68% increase from the RM52.36 million a year ago, due higher contribution from the installation of pipelines and facilities (IFP) and the drilling division.


It said on Wednesday, Sept 29 that revenue declined 12.8% to RM898 million from RM1.03 billion. Earnings per share were 4.17 sen versus 4.14 sen. It declared an interim dividend of three sen per share to be paid on Dec 15.


The second quarter results showed that trade and trade receivables increased to RM1.557 billion from RM1.163 billion as at Jan 31, 2010. Trade and other payables were RM1.564 billion compared with RM1.17 billion. Cash and bank balances declined to RM704.47 million from RM875.25 million.


For the first half, net profit rose 33.2% to RM103.94 million from RM78.02 million mainly due to higher contribution from IPF and drilling divisions. Revenue, however, slipped 10.2% to RM1.568 billion from RM1.747 billion mainly due to lower activities in drilling and marine services divisions.