KS Energy's 2014 profit leaps to S$30 million

GLOBAL oil & gas services firm, KS Energy, posted a net profit of S$30.13 million for the year ended Dec 31, 2014, above that of S$23,000 reported a year ago.

Revenue for the same period jumped 40.5 per cent to S$227.33 million, mainly due to higher contributions from the group's drilling business, which grew 45.5 per cent to S$209.5 million, and constituted about 92.2 per cent of the group's consolidated revenue for FY14.

Increased revenue from the drilling business was mainly generated by the start of charter contracts in Indonesia and Vietnam during FY14.

Meanwhile, other revenue generated by the group grew 9.2 per cent to S$11.4 million.

Revenue gains, however, were partially offset by lower contributions from the group's engineering business, which fell 10.2 per cent to S$7.7 million.

Earnings per share for FY14 stood at 5.87 cents while net asset value per share was 72.3 cents.

No dividend was declared for the period.

Before the results were announced on Friday, KS Energy's counter closed unchanged at S$0.375.