2351 GMT [Dow Jones] Kencana Petroleum (5122.KU) may rise, with dealer tipping stock to retest recent high of MYR2.25 vs last close of MYR2.15 (down 0.9%), after wholly-owned unit Kencana HL awarded 3-year service agreement contract worth MYR90 million to provide offshore construction services for oil & gas company. Contract expected to contribute positively to group earnings for FY10 onwards. Dealer says although contract not especially large in group's context, "margins should be quite good;" also notes company's order book "building up nicely... providing assurance of decent earnings for the next few years." For fiscal 3Q ended April 30, company posted net profit of MYR27.6 million on revenue of MYR290.2 million.
Dow Jones Newswires
September 16, 2009 19:51 ET (23:51 GMT)
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