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Daya Materials nearly doubles Q2 profit to $2m

Daya Materials nearly doubles Q2 profit to $2m
Malaysian oil and gas player Daya Materials saw second quarter net profit rise 87.6% to MYR8.8m ($2.1m) from MYR4.7m a year ago mainly due to lower cost structure in the offshore/upstream business, it said in a stock market announcement. Revenue also rose 11% to MYR193.2m from MYR174.1m previously.

“On the back of this sales performance, the group recorded a segmental profit of MYR13.5m for the second quarter, an increase of 54% from MYR8.8m a year ago. The increase was mainly due to lower cost structure in the offshore/upstream business as well as an increase in sales on downstream sector,” Daya said.

Revenue for the polymer segment rose 9% to MYR6.4m from MYR5.9m, boosted by increased sales of jacketing compounds, while  oil and gas segment revenue rose by a third to MYR130.6m from MYR98.1m a year ago due to higher seasonal sales and contributions from the offshore subsea business in the North Sea and Africa.

This resulted in the segment turning in strong profits of MYR11.4m.