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Borneo Oil swings to profit in fiscal Q4

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Borneo Oil swings to profit in fiscal Q4

Borneo Oil Bhd. said its normalized net income for the fiscal fourth quarter ended Jan. 31 came to 2.3 million ringgits, compared with a loss of 1.2 million ringgits in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 6.6% from negative 22.7% in the year-earlier period.

Total revenue climbed on an annual basis to 35.7 million ringgits from 5.2 million ringgits, and total operating expenses grew from the prior-year period to 34.0 million ringgits from 16.1 million ringgits.

Reported net income came to 4.7 million ringgits, or 1 sen per share, compared to a loss of 337,840 ringgits, or a loss of 0 sen per share, in the prior-year period.

For the year, the company's normalized net income totaled 3.8 million ringgits, a rise from 1.1 million ringgits in the prior year.

Full-year total revenue increased from the prior-year period to 84.2 million ringgits from 41.8 million ringgits, and total operating expenses rose 63.4% on an annual basis to 79.6 million ringgits from 48.8 million ringgits.

The company said reported net income grew on an annual basis to 7.0 million ringgits, or 2 sen per share, in the full year, from 3.1 million ringgits, or 1 sen per share.

As of May 28, US$1 was equivalent to 3.65 ringgits.