By Chester Tay
Dialog Group Bhd.'s net profit for the fourth quarter ended June 30 rose 11% from a year earlier, driven by the group's Malaysian oil terminal business amid higher demand for oil storage while crude oil prices were depressed.
Net profit for April to June increased to 156.7 million ringgit ($37.4 million) on the back of a 20% growth in revenue to MYR539.9 million, the oil and gas engineering services provider said in a stock exchange filing on Tuesday.
For full fiscal 2020, Dialog's net profit rose 18% to MYR630.4 million, despite revenue being 3.5% lower at MYR2.30 billion.
Dialog said the economic environment is expected to remain "extremely challenging" in the short to medium term, but it has taken steps to manage its finances.
Dialog said it has reviewed its capital and operating expenditures, and that cost-reduction measures are ongoing without jeopardizing operations and delivery of services to customers.
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