Thursday, October 27, 2011

TAS Offshore 1Q earnings at RM1.27m

KUALA LUMPUR: TAS Offshore Bhd's earnings rose 17.2% to RM1.27 million in the first quarter ended Aug 31, 2011 from RM1.09 million a year ago.

It said on Thursday, Oct 27, that revenue fell 22% to RM17.67 million from RM22.66 million a year ago. Earnings per share were 0.72 sen compared with 0.60 sen.

TAS Offshore said with crude oil prices hovering between US$80 to US$100 per barrel, it was still economically viable for the oil majors to carry out oil exploration and production activities in the deep seas where most of the world oil reserves were located.

"We maintain our outlook of more building contracts will surface for the offshore support vessels," it said. "The demand for tugboats from Indonesia caused by the growth in mining activities has been encouraging," it added.

In the 1Q ended Aug 31, 2011, the group had repurchased 3.7 million shares each from the open market for RM1.39 million. The repurchase was from its own funds.

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