Dialog : First-Quarter Net Profit Slid 11% on Low Oil Prices

By Chester Tay

Dialog Group Bhd.'s first-quarter net profit slid 11% from a year earlier as revenue declined amid weaker downstream activities and a drop in upstream oil prices.

Net profit for the three months ended Sept. 30 fell to 146.6 million ringgit ($35.6 million), while revenue plunged 49% to MYR331.7 million, the oil-and-gas integrated technical service provider said Monday.

Dialog said its business model is well-structured to manage and sustain itself through periods of economic uncertainty, oil-price volatility and currency movements.

While the economic environment is expected to remain extremely challenging in the short to medium term, Dialog said it will remain focused on delivering its long-term goals.

Write to Chester Tay at [e-mail]

(END) Dow Jones Newswires

11-16-20 0552ET