Revenue rose by more than half to MYR167.19m from MYR110.89m in the previous corresponding period as turnover spiked from an increase in transportation and installation (T&I) activities, Barakah said in a stock market announcement.
As a result, the installation and construction services (ICS) segment saw revenue almost triple to MYR148.33m from MYR53.48, previously and contributed almost 90% of the overall total revenue. The increase in revenue was
mainly due to the higher certification of work done for transportation and installation works.
Meanwhile the pipeline and commissioning services (PCS) segment remained quiet with turnover falling to MYR18.86m from MYR57.41m previously due to the continuing lower number of work orders received for pipeline services and hook-up commissioning activities.
Barakah managed to push pre-tax profit up to MYR2.50m from a loss of MYR17.83m as a result of a cost reduction exercise that has been implemented since the beginning of the current financial year, the group said.
Looking ahead, Barakah said: "The market conditions for the industry remain tough in the immediate future resulting from continued depressed oil prices."
It added: "Nevertheless, the board believes that the group would remain resilient with the continuous new work orders secured to date."
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