KUALA LUMPUR (May 27) Hibiscus Petroleum Bhd net profit for the third quarter ended March 31 (3QFY19) fell by 33.62% to RM55.18 million from RM83.14 million on lower margins and losses for some of its segments.

The lower net profit was despite quarterly revenue tripling to RM226.12 million from RM75.42 million.

Earnings per share (EPS) for the quarter declined to 3.47 sen, from 5.26 sen in the corresponding quarter a year prior.

The group said that its investment holding and group activities and 3D Oil, VIC/L31 & VIC/P57 saw losses after tax on adverse foreign exchange differences, while its Anasuria Cluster margin was lower due to lower average uptime and planned maintenance work carried out.

However, its North Sabah asset sold more barrels (bbls) of crude oil.

For the nine months ended March 31 (9MFY19) the group saw its net profit increase by 95.58% to RM205.29 million from the RM104.96 million posted in the corresponding quarter seen last year.

Revenue for the period increased 258.21% to RM751.23 million, from RM209.72 million seen in the corresponding period last year.

EPS for the period increased to 12.93 sen from 6.87 seen in 3MFY18.

In a statement, the group attributed its 9MFY19 net profit and revenue increases to additional contributions from its North Sabah asset and higher production from its UK Anasuria Cluster.

It added that for 9MFY19, the group sold 2.5 million barrels (bbls) of crude oil from both assets, with five offtakes from North Sabah and four offtakes from the Anasuria Cluster.

The group noted that based on current production momentum and offtake schedule across both assets, it is forecasting that it will exceed its 2.7 million to 3 million bbls target for the financial year ended June 30, 2019 (FY19)

On its outlook, Group Managing Director Kenneth Pereira said in a separate statement that as part of its goal to produce 20,000 barrels of oil per day by 2021, the group has drilled eight new wells, with six wells in Malaysia and two in the UK.

“Additionally, we have commenced the evaluation of development options of the Marigold and Sunflower discovered oilfields in the UK, which holds significant potential to drive future earnings growth. We look forward to safely delivering all our projects and enhancing value for our shareholders. “he said.

The counter closed 0.97% or a sen lower to RM1.02 — with 11.73 million shares traded — giving it a market capitalisation of RM1.62 billion.