KUALA LUMPUR: Dagang Nexchange Bhd's (DNeX) net profit for the first quarter ended Sept 30, 2021(Q1 FY2022) stood at RM293.56 million, while revenue came in at RM270.87 million.

       In a filing with Bursa Malaysia today, DNeX said there were no comparative figures for the first quarter due to a change in its financial year-end to June 30 from Dec 31.

       The group said its revenue increased by RM224.97 million in the first quarter compared to the immediate preceding quarter ended June 30, 2021 due to the consolidation of Ping Petroleum Limited (Ping) and SilTerra Malaysia Sdn Bhd (SilTerra), which contributed RM67.27 million (24 per cent ) and RM148.77 million (54 per cent), respectively.

       On its prospects, DNeX said it is optimistic that SilTerra will continue to benefit from the increase in global demand for semiconductor chips due to the rising adoption of technologies in Industry 4.0, artificial intelligence, and the Internet of Things.

       "Injection of new funds for capital expenditure and the recent process improvements at SilTerra’s manufacturing plant have led to an increase in production capacity and higher operating efficiency, resulting in better cycle time, tool uptime gain, and scrap reduction.

       "To strengthen SilTerra’s business sustainability, the group is optimising capacity mix by streamlining and focusing on strategic customers," it added.

       It said the strong rise in the price of Brent crude oil price, now trading at levels above US$80 per barrel, will benefit Ping which is involved in upstream oil and gas production.

       "In line with improved oil prices, Ping is now exploring opportunities to monetise economically attractive reserves in the Anasuria Cluster which has estimated proved and probable reserves of about 26.6 million barrels of oil equivalent.

       "With the economic recovery underway and barring any unforeseen circumstances, the group is confident that the strategies implemented to grow and strengthen its core businesses will lead to a better performance in the financial year ending June 30, 2022," it said. - Bernama