Posted by Jimmy Song > 2018-05-23 10:08 | Report Abuse

T7 Global Berhad (“T7 Global” or the “Group”), a Malaysia-based international service provider in the oil and gas industry is pleased to announce its first quarter results for the year ending 31st March 2018 (“Q1FYE2018”). T7 Global’s Q1FYE2018 reported a revenue of RM55.5 million, an increase of 86% as compared to the corresponding quarter last year (“Q1FYE2017”) of RM30 million. For the current quarter under review, the Group’s Profit Before Tax (“PBT”) surged 614%, from RM0.3 million in the corresponding quarter last year to RM1.9 million. The increase in PBT was mainly due to the increase of revenue and improvement of performance in the oil and gas sector. Correspondingly, Profit after tax (“PAT”) for the quarter rose to RM1.9 million. “We are always exploring for new opportunities and enhance our businesses to deliver greater shareholders. Crude oil price rose to almost US$80 per barrel most recently, from a 12-year low of US$28 per barrel in February 2016. Should the crude oil price maintaining above US$60 per barrel, the outlook for the industry will be positive. We will continue to operate our businesses steadily and reliably across our portfolio and deliver sustainable growth. Premised on the above and barring any unforeseen circumstances, the Group is positive of our prospects and performance for FYE2018 and the subsequent financial years.” said Tan Sri Datuk Seri Tan Kean Soon, Executive Deputy Chairman of T7 Global Berhad. In view of the improved PAT, the basic earnings per share has also increased from 0.1sen in Q1FYE2017 to 0.5 sen in the current financial quarter Q1FYE2018.