Scomi Marine revenue RM118 million in Q3

KUALA LUMPUR, Nov 12 (Bernama) -- Scomi Marine Bhd revenue for third quarter ended Sept 30, 2007 rose to RM118 million from RM110 million in the same period last year.In a statement here today, Scomi Marine said the revenue represented an eight percent increase compared to the corresponding quarter in 2006."The rise was largely due to the rates revision from the marine logistics business and also increased contribution from the offshore support services division," it said.Scomi Marine said the marine logistics division remained the major revenue generator with an 86 percent contribution, due to the size of the fleet in operations under this business.It said net profit, however, fell 44 percent lower compared to the same quarter in 2006."This is due to higher docking costs for the marine logistics division and higher gain on vessel disposal for third quarter 2006," it said.Net profit for third quarter fell to RM15.966 million from RM26.404 million previously.Scomi Marine is an associate company of Scomi Group Bhd, which is involved in four core businesses -- namely Oilfield Services, Energy & Logistics Engineering, Energy Logistics and Production Enhancement.