UMW Oil and Gas returns to the black

PETALING JAYA: UMW Oil & Gas Corp Bhd returned to the black in the first quarter ended March 31, with a net profit of RM5.01 million against a net loss of RM104.11 million in the same quarter a year ago, mainly due to higher rigs utilisation and net foreign exchange (forex) gain.
Revenue for the period under review rose 63.92% to RM121.76 million from RM74.27 million as a result of higher revenue reported by its drilling services and oilfield services segments due to higher rigs utilisation and increase in threading activity in China.
“The group is presently focusing on securing more contracts and improving operational efficiency.
The potential improvement in both utilisation and operating cost is expected to contribute positively to the financial performance of the group for the financial year 2018,” said its board of directors on the prospects.
The stock fell 1.75% to close at 28 sen with 28.45 million shares done.