KUALA LUMPUR, Nov 15 (Bernama) -- Oil and gas company Dialog Group Bhd reported a slight decrease in its net profit to RM125.78 million in the first quarter of its financial year 2023 (Q1 2023) ended Sept 30, 2022 from RM128.82 million in the previous corresponding quarter, mainly caused by higher project and operation costs.
The group said that various challenges due to the COVID-19 pandemic, conflict in Ukraine, inflationary pressure and manpower constraints resulted in cost overruns and project losses.
“The group’s total profit before tax for the current reporting quarter against the preceding quarter was maintained at RM127 million. This was due to the share of profit from the newly acquired joint venture company,” it said in a filing with Bursa Malaysia.
Dialog said its revenue, however, increased 40 per cent to RM711.70 million from RM505.45 million a year ago.
It said the group saw increased activities contributed by both Malaysian and international operations.
Dialog said that in the midstream business, its Terminals Langsat and Terminals Pengerang (5), with a total storage capacity of 855,000 cubic metres and 430,000 cubic metres respectively, continued to contribute a stable revenue stream to the group.
Moving forward, the group said it would actively look for opportunities to increase its development and production services and assets while incorporating new technologies to manage greenhouse gas emissions.
“Barring any unforeseen circumstances, the group remains optimistic of positive performance in the financial year ending June 30, 2023,” it added.
-- BERNAMA
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