Hibiscus Petroleum Q3 net profit slumps 92%

PETALING JAYA: Hibiscus Petroleum Bhd saw its net profit in the third quarter (Q3) ended March 31, 2017 slump 92% to RM6.5 million, against RM80.5 million in the previous corresponding quarter.

In a filing with Bursa Malaysia today, Hibiscus said the lower profit was due to the absence of RM135.3 million negative goodwill from the Anasuria acquisition in the previous corresponding quarter.

Revenue for the quarter however more than doubled to RM69.2 million for the quarter, compared with RM31.7 million in the same period last year due to higher barrels of crude oil sold and higher average selling price.

For the nine months period, the group posted a net profit of RM97.4 million, from a net loss of RM78.9 million a year ago, while revenue jumped more than five-times to RM186.8 million, against RM33 million previously.

Currently, the financial results of the group are underpinned by the operational performance of the Anasuria asset. Several key factors are particularly relevant. These are; oil price of the brent crude oil benchmark at approximately the time of a scheduled offtake from the Anasuria FPSO; gas prices for four fields; ringgit, dollar and pound movements; and the performance of the Anasuria asset in particular production performance of the wells, facilities availability and management of operational expenses.