For the six-month period ended June, Dayang’s net profit fell 83.63% to RM8.34 million, from RM50.96 million a year earlier. Revenue fell 15% to RM343 million from RM403.59 million.
On prospects, Dayang said strict adherence to the SOPs to combat Covid-19 has resulted in higher operating costs. This is combined with lesser activities executed in the quarter.
“Looking ahead, we believe that the outlook in the second half of 2020 will improve considerably, as crude oil price has also stabilised at a healthy level, which bodes well for the oil and gas industry.
“In addition, our order book remains strong at an estimated value of RM3.8 billion, which will ensure healthy earnings visibility over the next few years,” it said.
Shares of Dayang Enterprise slid 3 sen or 2.5% today to close at RM1.17, valuing the group at RM1.24 billion.
Oil and Gasoline Rally With Major Hurricane Set to Hit U.S. Gulf (Bloomberg) -- Oil gained toward $43 a barrel as Laura was predicted to become a major hurricane, menacing crude production and refineries in the U.S. Gulf.
Futures in New York edged higher, though gains were outpaced by the global Brent benchmark. Tropical Storm Laura is expected to make landfall on Thursday as a Category 3 hurricane with winds as strong as 115 miles per hour. Some 82% of oil output in the Gulf has been halted as operators braced for the weather systems to hit.
Brent futures rose US73 cents, or 1.6%, to settle at US$45.86 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 73 cents, or 1.7%, to settle at $43.35. That was the highest closes for both benchmarks since March 5, the day before Saudi Arabia and Russia failed to agree on a new plan to cut output and about a week before the World Health Organization declared COVID-19 a pandemic.
NEW YORK (Reuters) - U.S. crude oil stockpiles fell last week as exports soared the most in 18 months and refineries boosted production to the highest rate since March before the worst of the demand hit from the coronavirus pandemic, data from the Energy Information Administration showed on Wednesday.
The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Wednesday, as we continue to see a lot of upward mobility but in short bursts. Ultimately, a short-term pullback is the best way to look for buying opportunities in this market, as we should continue to see a lot of choppiness, but I think that the falling US dollar should continue to see a lot of weakness. The 200 day EMA underneath should continue to offer support just as the market should then go looking towards the $49 level, an area where we have sold off quite drastically
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
DreamKaiser
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Posted by DreamKaiser > 2020-08-22 01:36 | Report Abuse
what are latest developments