KUALA LUMPUR (Nov 25): Barakah Offshore Petroleum Bhd's net profit for the third quarter ended Sept 30, 2014 (3QFY14) rose 166.1% to RM28.4 million or 4.58 sen per share, from RM10.7 million or 2.20 sen per share in the previous corresponding quarter (3QFY13), on higher revenue achieved.

Revenue for the quarter came in 193% higher at RM256 million, almost triple the RM87.1 million recorded in 3QFY13, the group's filing to Bursa Malaysia today showed.

Barakah attributed the higher revenue to the new transportation and installation (T&I) contracts awarded during the financial period ended Sept 30 and other on-going onshore engineering, procurement, construction and commissioning (EPCC) projects carried out during the quarter.

In the quarter, the pipeline and commissioning services segment reported RM102.9 million in revenue, more than double the RM44.9 million in 3QFY13, and accounting for 40.2% of group revenue.

The installation and construction services segment meanwhile reported a 263.2% jump in revenue to RM153.1 million, from RM42.1 million In 3QFY13.

For the nine months ended Sept 30, 2014 (9MFY14), net profit rose 31.6% to RM54.1 million from RM41.1 million in the previous corresponding period. Revenue for the period grew 95.1% to RM582.9 million from RM298.9 million in 9MFY13.

On prospects, Barakah Offshore said it is confident that the results for the financial year ending Dec 31, 2014 (FY14), will remain positive, given the number of on-going T&I, EPCC and hook-up commissioning projects available to date. 

"As at September 30, 2014, the group has an order book of approximately RM2.23 billion for secured contracts over the next 3-5 years," it said.

Yesterday (Nov 24), Felda Investment Corp Sdn Bhd emerged as a major shareholder in Barakah Offshore after having acquired a 9.73% stake or 73.5 million shares in the latter via an off-market deal.

Barakah Offshore closed down 3 sen or 2.27% today at RM1.29, giving it a market capitalisation of RM981.99 million.