Written by Nadia S Hassan
Thursday, 27 August 2009 22:06
KUALA LUMPUR: Oil and gas player KNM GROUP BHD [] saw its net profit drop by 25.8% year-on-year for its second quarter ending June 30, 2009, to RM71.42 million from RM96.29 million.
Revenue for the period came in lower at RM439.26 million compared to RM599.4 million that was posted for the previous year’s corresponding quarter.
On a quarterly basis, the group saw revenue shrink 16.4% to RM439.26 million while profit before tax fell 47.74% to RM65.3 million. The company said this was due to the global economic slowdown.
On a half-year basis, KNM saw an increase for its net profit to RM169.87 million. This was 12.9% higher compared to 1HFY2008 where KNM reported a net profit of RM150.42 million. Revenue had likewise increased to RM964.71 million for 1HFY2009 from RM930.62 million.
However, the group saw its cash flow as at the end of June decline by 12% to RM476.05 million compared to the preceding year where the group’s cash and cash equivalents had come to RM541.05 million.
KNM is expecting the rest of the year to be profitable for the group. No dividend was declared for the quarter.