KUALA LUMPUR (May 18): Carimin Petroleum Bhd slipped into the red for the third quarter ended March 31, 2020 (3QFY20) due to lower revenue from its projects amid the movement control order (MCO) period and the monsoon season.

In a bourse filing, the group posted a quarterly loss of RM2.77 million against a net profit of RM2.13 million for 3QFY19.

Quarterly revenue was down 43.48% y-o-y at RM53.52 million from RM94.68 million posted a year ago.

Unlike 3QFY19, where it posted a dividend of 1.4 sen, Carimin did not declare any dividend for 3QFY20.

This brings the total dividend for the nine months ended March 31, 2020 (9MFY20) to 1.2 sen.

Carimin noted that revenue for its construction, hook-up and commissioning, and topside major maintenance (CHUCTMM) and civil constriction works divisions declined by 43% and 97% respectively following the emergence of Covid-19, plunging global oil prices and the MCO after the monsoon season impacted the commencement of its offshore oil and gas (O&G) activities.

The manpower segment saw its revenue decline by 57% following the completion of its manpower contract at the Refinery and Petrochemical Integrated Development (Rapid), Pengerang in June 2019.

For 9MFY20, Carimin’s net profit declined by 9.01% y-o-y to RM17.39 million, from RM19.11 million for the corresponding period last year.

Meanwhile, revenue for 9MFY20 grew by 13.77% y-o-y to RM312.89 million from RM275.03 million.

“The global Covid-19 pandemic and plunging oil prices have caused much uncertainties for the oil and gas industry. It is anticipated that many project work activities may be deferred and face risk of cancellation. The group will take proactive and appropriate measures to remain resilient in managing the unprecedented challenges,” it noted on its prospects.

Carimin shares finished 8.16% or six sen higher at 79.5 sen today, giving it a market capitalisation of RM185.93 million. It saw 49.46 million shares traded.