Hibiscus’ Q1 earnings jump almost 10-fold

PETALING JAYA: Hibiscus Petroleum Bhd’s net profit for the first quarter ended Sept 30 jumped almost 10-fold to RM100 million from RM10.78 million a year ago driven by the Anasuria and North Sabah segments.

In a filing with Bursa , the group said the Anasuria segment recorded earnings before interest, taxation, depreciation and amortisation (Ebitda) of RM114.1 million during the quarter and revenue of RM166.8 million.

Meanwhile, the company’s wholly owned subsidiary SEA Hibiscus Sdn Bhd, which completed the acquisition of 50% participating interests in the 2011 North Sabah EOR PSC on March 31 said the North Sabah segment contributed RM192 million in revenue and RM132.1 million in gross profit from the sale of crude oil.

This segment sold 595,286 barrels of crude oil in two cargoes at an average realised price of US$78.55 per barrel.

Revenue for the quarter rose more than six-fold to RM359.96 million from RM58.24 million a year ago.

Moving forward, the group expects its business performance for the current ending June 30, 2019 to be encouraging, given developments such as production enhancement projects that are being pursued by the group.

Source: The Sun Daily

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