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Quarterly Report For The Financial Period Ended 31 December 2016

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Cumulative Period (YTD Dec 2015 vs YTD Dec 2016)

Revenue (RM' mil)

Total Group revenue for YTD Dec 2016 stood at RM226.9 mil

The drop was largely attributable to the continuous low demand and activities in oil and gas industry, which resulted in lower fleet utilisation rate of 52% (YTD Dec 2015: 60%) and weakness in market daily charter rates.

EBITDA (RM' mil)

The Group's Adjusted EBITDA for YTD Dec 2016 stood at RM96.4 mil.

Adjusted EBITDA decreased mainly due to lower revenue recorded. This was offset by the full year impact of cost saving initiatives in relation to fuel consumption monitoring, vessels laid-up, domestic safe manning.

PAT (RM' mil)

The Group's Adjusted LAT for YTD Dec 2016 stood at RM3.1 mil.

The drop was due to lower revenue recorded, additional finance cost from new working capital facilities and interest charges on delay of vessel delivery arising from Icon Aliza.
In prior year, there was also deferred tax asset of RM9.8 mil recognised.

Quarter on Quarter (4Q 2015 vs 4Q 2016)

Revenue (RM' mil)

Revenue for 4Q 2016 stood at RM53.2 mil

The drop was largely attributable to lower fleet utilisation rate of 48% (4Q 2015: 57%) and lower daily charter rates. This is due to the continuous low demand and activities in oil and gas industry.

EBITDA (RM' mil)

Adjusted EBITDA for 4Q 2016 stood at RM22.0 mil

The drop was largely attributable to lower fleet utilisation and charter rates, coupled with increased spending on vessel repairs and maintenance during the quarter. Results were also offset by lower crew payroll cost.

PAT (RM' mil)

Adjusted LAT for 4Q 2016 stood at RM4.6 mil

The drop was largely attributable to lower fleet utilisation and charter rates.
In prior year, there was also deferred tax asset of RM9.8 mil recognised.

Quarter by Quarter (Trailing quarters)

Revenue (RM' mil)

Revenue for 4Q 2016 stood at RM53.2 mil

4Q 2016 vs 3Q 2016
The drop was largely attributable to suspension of charter contracts due to the cyclical monsoon weather and completion of charter contracts.

EBITDA (RM' mil)

Adjusted EBITDA for 4Q 2016 stood at RM22.0 mil

4Q 2016 vs 3Q 2016
Lower Adjusted EBITDA was mainly due to lower revenue recognised.

PAT/ LAT (RM' mil)

Adjusted LAT for 4Q 2016 stood at RM4.6 mil

The drop in Adjusted PAT was mainly due to lower revenue recognised, but was offset by a tax credit on deferred tax.