KUALA LUMPUR: WAH SEONG CORPORATION BHD [] net profit for the first quarter ended March 31, 2011 surged to RM43.37 million from RM17.02 million a year earlier, due to increasing activities recorded in all divisions of the Group, especially in the pipeline services division.
Revenue for the quarter jumped 19.84% to 490.89 million from RM409.62 million. Earnings per share was 5.83 sen while net assets per share was RM1.31.
Commenting on its prospects, Wah Seong said on Wednesday, May 11 that the continued global demand for oil and gas and the current price of crude oil was expected to spur investment activities of oil majors.
'This increase in investment activities together with the existing orders in hand is expected to have a positive impact on the group's performance for the financial year ending Dec 31, 2011,' it said.
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Revenue for the quarter jumped 19.84% to 490.89 million from RM409.62 million. Earnings per share was 5.83 sen while net assets per share was RM1.31.
Commenting on its prospects, Wah Seong said on Wednesday, May 11 that the continued global demand for oil and gas and the current price of crude oil was expected to spur investment activities of oil majors.
'This increase in investment activities together with the existing orders in hand is expected to have a positive impact on the group's performance for the financial year ending Dec 31, 2011,' it said.
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