23-05-2025
- Business
- New Straits Times
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
