Higher JV contributions lift Dialog 4Q profit

17 Aug 2017
Source: The Edge Financial Daily

Higher JV contributions lift Dialog 4Q profit

KUALA LUMPUR:Dialog Group Bhd's net profit expanded 33% to RM 103.55 million for the fourth quarter ended June 30, 2017 (4QFY17), from RM77.93 million a year ago, mainly attributable to higher contributions from the group's joint ventures (JVs).

Quarterly revenue grew 35% to RM968.95 million from RM717.09 million a year ago. Earnings per share rose to 1.88 sen in 4QFY17, from 1.48 sen in 4QFY16.

For the full year, Dialog's net profit grew 26% to RM370.64 million from RM294.93 million in the corresponding period. Annual revenue increased 34% to RM 3.39 billion from RM 2.53 billion a year ago.

In a filing with Bursa Malaysia, Dialog said higher results achieved for the year were attributed to activities in its downstream and midstream divisions, such as Pengerang Deepwater Terminal Phase 2, jetty topside works for Samsung in Pengerang and the construction of a plasticiser plant for UPC Chemicals in Kuantan, making up for slower upstream activities experienced.

It said the group's international operation also recorded a better financial performance for FY17 against FY16, primarily driven by increased downstream activities in Singapore and Saudi Arabia.

Moving forward, Dialog said, it remains confident that its business model is well structured and can withstand the current oil price volatility and currency movements.