0019 GMT [Dow Jones] Oil and gas services player Kencana Petroleum (5122.KU) may rise, with dealer at local brokerage tipping stock may test MYR2.15 (Tuesday's peak) vs yesterday's close at MYR2.12 (flat), after reporting 4Q net profit +29% at MYR30.2 million; takes FY net profit to MYR118.2 million vs MYR85.1 million year earlier; results tad below CIMB forecast for MYR119.9 million, but ahead of S&P's forecast for MYR117.0 million, according to FactSet data. Company attributes improved results to better management of costs; expects earnings to be remain positive in current FY. "The better results and positive earnings guidance should boost interest in the stock," says dealer; adds, capital spending in upstream oil and gas sector is expected to be resilient despite lower world oil prices.
Dow Jones Newswires
September 30, 2009 20:19 ET (00:19 GMT)
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