Profit before taxation of RM42.5 million recorded for the current quarter was lower compared to RM58.3 million reported in the previous year’s corresponding quarter.Lower contributions from the drilling business mainly attributed to discounts on time charter rates given to existing clients in view of the significant drop in oil price, accounted for the profit reduction in the first quarter.

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The decrease in profit performance was mainly due to the lower revenue and the additional operating expenses from UMW NAGA 7 which has yet to secure a contract.

Manufacturing & Engineering segment recorded lower revenue and profit before taxation for the current quarter of RM165.4 million and RM0.4 million respectively.

“To achieve these goals, we are distributing our shares in UMWOG to UMW Holdings investors and pursuing our progressive exit strategy from all our non-listed oil & gas assets with a view to eventually exiting the business altogether.” “Along the way, we expect to incur impairments.

In doing so, we will streamline the business and capture stronger returns by investing in areas where we believe we are market-leaders, or can become the leaders.

The exit from oil & gas begins with the proposal for the ‘distribution in specie’ of all its shares in UMWOG to all entitled shareholders of UMWH.

Concurrently, UMW Oil & Gas Corporation Berhad (UMWOG) is also proposing to lead the oil & gas industry consolidation.

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