KS Energy's Q2 earnings soar on disposal gain

KS ENERGY'S second-quarter net profit rose from S$1.5 million a year ago to S$46.7 million. The better earnings attributable to equity-holders were in part due to a gain of S$54.4 million arising from a disposal of plant and equipment.

For the April-June quarter, revenue rose 44.1 per cent, from S$41.5 million to S$59.8 million.

The drilling segment posted the largest increase of 57.4 per cent, from S$35.7 million to S$56.1 million. This was mainly generated by the commencement of charter contracts in Indonesia and Vietnam. Revenue contribution from the drilling business made up about 93.9 per cent of the group's consolidated revenue for Q2.