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UMW O&G turns in Q1 profit of $17m

New Malaysian offshore services listing UMW Oil & Gas (UMW O&G) justified investors' confidence, turning in a first quarter net profit of MYR53.68m ($16.7m) on revenue of MYR195.57m, according to a stock market release.

Vincent Wee, Hong Kong and South East Asia Correspondent

May 20, 2014

1 Min Read
Kalyakan - stock.adobe.com

It added that group profit exceeded the 2013 quarterly average of MYR51.7ml by 12.8%, with the drilling services segment being the main contributor to the profit increase.

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Malaysia

About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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