KUALA LUMPUR: SAPURACREST PETROLEUM BHD [] shares advanced in early trade on Tuesday, March 29 after its net profit for the fourth quarter ended Jan 31, 2011 jumped 79% to RM 72.67 million from RM40.57 million a year earlier, due mainly to improved performance in the operations and maintenance and marine services divisions.
At 9.30am, SapuraCrest was up eight sen to RM3.63 with 179,800 shares traded.
Revenue rose 26% to RM609.95 million from RM484.48 million in 2010. Earnings per share was 5.69 sen, while net assets per share was 87 sen.
SapuraCrest proposed a single tier final dividend of 5.5 sen per share for the financial year ended Jan 31, 2011.
CIMB Equities Research maintained an Outperform rating on the stock and raised the target price from RM4.90 to RM5.12.
It said on March 28 that the company's 4QFY1/11's record net profit of RM73 million took the full-year bottomline to an all-time high of RM231 million, 8% above its expectations though only 2% above consensus.
'The 4Q11 timing of the marine services turnaround was the main source of deviation. Another pleasant surprise was the final DPS of 5.5 sen which took full-year DPS to 8.5 sen versus our forecast of 8.0 sen,' it said.
At 9.30am, SapuraCrest was up eight sen to RM3.63 with 179,800 shares traded.
Revenue rose 26% to RM609.95 million from RM484.48 million in 2010. Earnings per share was 5.69 sen, while net assets per share was 87 sen.
SapuraCrest proposed a single tier final dividend of 5.5 sen per share for the financial year ended Jan 31, 2011.
CIMB Equities Research maintained an Outperform rating on the stock and raised the target price from RM4.90 to RM5.12.
It said on March 28 that the company's 4QFY1/11's record net profit of RM73 million took the full-year bottomline to an all-time high of RM231 million, 8% above its expectations though only 2% above consensus.
'The 4Q11 timing of the marine services turnaround was the main source of deviation. Another pleasant surprise was the final DPS of 5.5 sen which took full-year DPS to 8.5 sen versus our forecast of 8.0 sen,' it said.
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