Dialog posts higher third-quarter net profit

15 May 2019

Source: The Sun


Dialog posts higher third-quarter net profit

PETALING JAYA: Dialog Group Bhd posted net profit of RM143.71 million for the third quarter ended March 31, 2019, a 20.9% increase from RM118.84 million reported in the previous corresponding quarter, attributed to cost savings realised on completed projects and profit share in joint ventures and associates.

Its revenue, however, decreased 26.6% to RM636.61 million from RM867.37 million, due to the near completion of the Engineering, Procurement, Construction and Commissioning (EPCC) works in Pengerang Deepwater Terminals Phase 2 projects

Dialog has proposed to declare an interim dividend of 1.5 sen per share.

Its nine-month net profit was flat at RM395.13 million versus RM395.53 million in the same period last year, while revenue declined 22.6% to RM1.94 billion from RM2.5 billion

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

A long-term storage agreement was entered between Dialog’s indirect wholly owned subsidiary Pengerang Terminals (Five) Sdn Bhd (PT5) and BP Singapore Pte Ltd.

PT5 will develop, construct and operate storage tanks with capacity of 430,000 m3 for clean petroleum products and provide storage services, with completion date expected in mid 2021.

In addition, Dialog’s another indirect wholly owned subsidiary Pengerang CTF Sdn Bhd (PCTF) will undertake the development of Jetty 3 and the common tankage facilities, including shared infrastructure.