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James Ng

In this quarter, 'Operating expenses' dropped to RM856m, compared with last year RM1332m, YoY-36%. 'Finance costs' dropped to RM210m, compared with last year RM221m, YoY-5%. 'Depreciation and amortisation' dropped to RM244m, compared with last year RM313m, YoY-22%. Exploration and Production ("E&P") segment recorded revenue of RM286.5m, which was 4.5% higher than RM274.1m last year. This was due to the higher barrels of oil lifted and the effect of the higher average realised oil price achieved. In FY18, E&P revenue increased from RM82m to RM850m, YoY+936%.

Prospects:
The industry has seen a gradual recovery from the low levels of activity experienced in the last 3 years as reflected in the higher crude oil prices. Their Services segment has witnessed increased levels of bidding and contracting activities globally. The Group continues to optimise costs. In the last 2 months, the Group has secured RM2.7b of new orders in the Services segment.

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James Ng