KUALA LUMPUR: Hibiscus Petroleum Bhd’s net profit increased to RM48.49 million in the second quarter (Q2) ended Dec 31, 2021 from RM12.02 million in the same period a year earlier.
Revenue rose to RM284.4 million from RM190.29 million previously.
In a filing with Bursa Malaysia today, it said the operational performance in the North Sabah asset improved in the current quarter with the average uptime of production facilities at 92 per cent recorded during the current quarter was higher than the 81 per cent reported for the preceding quarter.
"The lower uptime in the preceding quarter was due to a period of reduced production at the Barton, South Furious and South Furious 30 fields, which was caused by certain restrictions on movement, quarantine requirements, manpower and logistic constraints during the COVID-19 outbreak.
"The services provided by several of our contractors were disrupted and as a result, certain routine operational outages could not be addressed promptly,” it said.
Hibuscus said its Anasuria asset in the United Kingdom achieved average uptime and the average daily oil production rate of 75 per cent and 2,396 per barrel per day respectively in the current quarter to reflect a more favourable operational performance when compared to that of the preceding quarter.
"In the preceding quarter, the average uptime was 69 per cent and the average daily oil production rate was 2,206 per barrel per day.
"As a result, the average Operating expenses per barrel of oil equivalent (boe) achieved was lower by approximately 13 per cent from US$27.94 in the preceding quarter to US$24.31 in the current quarter,” it said.
Meanwhile, it said its current assets increased to RM1.01 billion as of Dec 31, 2021 from RM659.6 million as of June 30, 2021.
Overall, it said the company is cognisant of various uncertainties caused by the continuing COVID-19 pandemic and remained focused on delivering optimal performance in a strong oil price environment. - Bernama