KUALA LUMPUR (Aug 21): Deleum Bhd’s second quarter net profit grew 36.91% to RM9.17 million, from RM6.7 million a year earlier, mainly due to improved trading conditions and changes in the value of the US dollar.

Earnings per share for the quarter ended June 30, 2018 rose to 1.25 sen from one sen, the oil and gas service provider said in a filing with Bursa Malaysia.

Quarterly revenue went up 30.84% to RM139.29 million from RM106.46 million on the back of higher revenue from the power and machinery, and integrated corrosion solution segments, offset by lower revenue contribution from oilfield services segment.

Deleum declared a first interim single tier dividend of 1.25 sen, payable on Sept 25. The ex-date is on Sept 7 and the entitlement date is Sept 13.

For the first half ended June 30, 2018, net profit improved 31.91% to RM10.58 million from RM8.02 million in the previous January-June period, while revenue climbed 26.16% to RM247.8 million from RM196.42 million.

In a separate statement, Deleum said while the prospect of strong oil prices has led to higher levels of spending in the sector, there are little signs of easing in the push for cost efficiencies and effectiveness as major customers continue to exercise tight fiscal disciplines.

“As such, Deleum will still maintain its focus on meeting its mission of sustainability and resilience by enhancing capabilities across all business segments alongside strong project execution and rigorous budget management,” it added.

The group’s shares closed unchanged at 94 sen today, giving it a market capitalisation of RM377.06 million.