Sunday, November 27
GE15

North Sabah lifts Hibiscus Petroleum’s 9MFY18 PAT to RM105 million

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KUCHING: Hibiscus Petroleum Bhd (Hibiscus Petroleum) announced a profit after tax (PAT) for the nine-month period ended 31 March 2018 (9MFY18) of RM105 million, up eight per cent from RM97.4 million achieved in the corresponding period ended March 31, 2017.

The group in a statement also reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of RM156.9 million for 9MFY18, an increase of 46 per cent compared to RM107.5 million in 9MFY17.

The growth in PAT and EBITDA was driven by the fair value gain upon completion of the acquisition of the 2011 North Sabah Enhanced Oil Recovery Production Sharing Contract on March 31, 2018, as well as earnings from crude oil production from its North Sea offshore oilfields.