Hibiscus Petroleum posts RM115.97mil net loss in 3Q25
KUALA LUMPUR: Hibiscus Petroleum Bhd posted a net loss of RM115.97 million for the third quarter ended March 31, 2025 (3Q FY2025), compared with a net profit of RM101.81 million in the same period a year ago.
In a Bursa Malaysia filing today, Hibiscus said that the current quarter's results were affected by a one-off, non-cash deferred tax liability of RM167.3 million due to the United Kingdom's Energy Profits Levy (EPL).
"Without this charge, the normalised profit after tax (PAT) would have been RM51.3 million. This charge is expected to be fully reversed by March 31, 2030," it said.
Revenue declined to RM572.80 million from RM603.51 million previously.
For the first nine months of FY2025, its net profit dropped to RM42.89 million from RM358.44 million, while revenue fell to RM1.70 billion from RM1.98 billion previously.
Commenting on the group's outlook, managing director Dr Kenneth Pereira said that the company's performance this quarter underscores the effectiveness of operations, the quality of assets and the commitment of the team.
"Despite fluctuating market conditions and a one-off, non-cash deferred tax charge of RM167.3 million related to the UK's EPL and lower oil and gas prices, we delivered strong financial results – with EBITDA of RM308.2 million and PBT of RM128.3 million – and remain firmly on track to achieve our full-year sales volume target of 9.1 million barrels of oil," he said.
The company has declared a fourth interim single-tier dividend for FY2025 of 1.0 sen per ordinary share was declared on May 23, 2025, resulting in declared total dividends of 8.0 sen per ordinary share to date for FY2025.
Meanwhile, in another filing, Hibiscus said that it has appointed Tetra Tech RPS Energy Ltd to conduct an independent assessment of its 35 per cent working interest in the PM3 CAA block, located in the Malaysia-Vietnam commercial arrangement area.
"The evaluation, known as a Competent Person's Report, follows the 20-year extension of the asset's tenure and aims to assess its updated reserves and resource potential," it added.
-- BERNAMA
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BusinessToday
36 minutes ago
- BusinessToday
Bursa Opens Higher As KLCI Gains Ground Amid Broad-Based Optimism
Bursa Malaysia started the day on a positive note, with the benchmark FBM KLCI advancing 6.93 points or 0.46% to 1,523.88 as at 9.06 am, tracking gains across regional bourses and renewed investor confidence. Broader market indices also opened in the green. The FBM 70 rose 35.14 points to 16,521.80, the FBM Emas climbed 40.00 points to 11,434.12, while the FBM Shariah Index gained 32.95 points to 11,402.17. The FTSE4Good Bursa Malaysia Index (F4GBM) added 3.66 points to 923.21. Among the most active stocks, Mpire Global Bhd topped the list, rising 0.5 sen to 12 sen with 65.7 million shares traded. Benalec Holdings Bhd followed closely, gaining 1 sen to 9.5 sen on a volume of 59.1 million shares. KNM Group Bhd remained unchanged at 3 sen with 26.7 million shares transacted. CTOS Digital Bhd slipped 2 sen to 96 sen, while Bina Puri Holdings Bhd stayed flat at 26 sen. The upbeat market sentiment came as investors digested a mix of local corporate news and global cues, including progress in US-China trade discussions and anticipation of key economic data from major economies. Related
Free Malaysia Today
38 minutes ago
- Free Malaysia Today
Bursa opens firmer amid heavyweight buying support
KUALA LUMPUR : Bursa Malaysia opened on a firmer note on Wednesday, with the key index climbing 0.46%, buoyed by buying interest in heavyweight counters and tracking Wall Street, which ended broadly higher. At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) raked in 7.06 points to 1,524.01 from Tuesday's close of 1,516.95. The benchmark index opened at 1,520.86, higher by 3.91 points. Market breadth was positive with 156 advancers versus 74 decliners, while 220 counters were unchanged, 1,919 untraded and 11 suspended. Turnover stood at 81.25 million units, valued at RM46.47 million. MORE TO COME
The Star
5 hours ago
- The Star
Stable yields to support performance of REITs
Maybank IB Research remained positive on REITs. PETALING JAYA: The outlook for Malaysian real estate investment trusts (REITs) is becoming more challenging even as yields remain stable amid rising unit prices, analysts say. This is also despite the KL REIT Index gaining 0.9% against Bursa Malaysia's benchmark FBM KLCI's 8.2% loss over the five months to May. Analysts said that the expanded Sales and Service Tax (SST), which will come into effect on July 1, would have an impact on REITs as it would require them to them to impose an 8% service tax (unless specific lessee exemption criteria are met), raising operating costs for tenants. Revisions to Malaysia's SST include targeted increases for non-essential goods and an expansion of the services tax to six new categories: leasing or rental services, construction, financial services, private healthcare, education, and beauty services. While the aim of revising the SST is to broaden the tax base with minimal impact on the majority of Malaysian consumers, specific business sectors, particularly REITs and financial services, are expected to bear a more direct and potentially adverse impact, analysts said. CGS International Research said while REITs with prime assets would remain resilient due to strong tenant profiles and footfall, weaker properties may face tenant attrition. 'In this regard, REITs with lower-quality portfolios may be compelled to provide rental support, which could weigh on earnings and distributions,' the research house said. Maybank Investment Bank Research (Maybank IB Research) remained positive on REITs, with its top pick being Sunway-REIT. The research house said retail and industrial REITs remained resilient, but office REITs face challenges despite long leases and stable occupancy. It added that domestic REITs offer attractive average dividend yields of between 5.6% and 6.1% or a healthy spread of between 208 and 258 basis points against the 3.5% for current 10-year Malaysian Government Securities (MGS). 'We see room for spread compression should Bank Negara initiate an overnight policy rate cut in the second half of this year that would benefit REITs with higher floating-rate debt exposure,' Maybank IB Research said, adding that this would support valuation upside and lower financing costs for growth-oriented REITs. It noted that the managements of various REITs maintained a cautiously optimistic outlook but flagged a few concerns such as the potential 8% service tax that could limit their ability to raise rents, as well as the potential increase in electricity tariffs and broader economic uncertainty such as subsidy rationalisation for RON95 petrol and international trade tensions. MIDF Research, which downgraded REITs to 'neutral' from 'positive', said most of the positives have been priced in. 'Going forward, we expect REITs to continue registering earnings growth. However, we expect moderate earnings growth going forward from a normalised base in 2024. 'Besides, the yields of REITs under our coverage tapered to 4.6% following the increase in unit prices of REITs recently,' the research house said. It expects its top pick, Pavilion-REIT, with an unchanged target price of RM1.69, to see its earnings supported by a rental revision for Pavilion KL Mall, while Pavilion Bukit Jalil's performance remains stable. MIDF Research said that the KL REIT Index was resilient in the first five months of the year following a gain of 11.4% last year in comparison to the KLCI, as investors flocked to defensive investments. However, the research house said the increase in unit prices have also narrowed the yield spread versus 10-year MGS, which makes them less attractive to investors.
