Dialog net profit up on cost savings

15 May 2019

Source: The Star


PETALING JAYA: Dialog Group Bhd's net profit for its third quarter ended March 31 grew 21% to RM143.71mil from RM118.84mil in the previous corresponding period, mainly due to cost savings realised on completed projects and an increased share of profit in joint ventures and associates.

Dialog, which provides integrated technical services to the petroleum and petrochemical industry, said in a filing with Bursa Malaysia that revenue in the third quarter had dropped to RM636.61mil from RM867.37mil a year earlier.

"The revenue from our Malaysian operations for the current quarter was lower primarily due to the near completion of the engineering, procurement, construction and commissioning works in Pengerang Deepwater Terminals Phase 2 projects," it said.

For the nine-month period ended March 31, Dialog's net profit was flat at RM395.13mil from RM395.53mil in the previous corresponding period, while revenue dropped to RM1.94bil from RM2.50bil a year earlier.

On its prospects, Dialog said it remained confident that its business model is well structured to manage oil price volatility and currency movements. The company has declared an interim cash dividend of 1.5 sen per ordinary share for the financial year ending June 30, 2019, to be paid on June 27.

In a separate statement, Dialog said it has commenced construction of a storage terminal, common tankage facilities (including shared infrastructure) and deepwater marine facilities for Phase 3 of the Pengerang Deepwater Terminals.

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