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SINGAPORE: Mainboard listed KS Energy has seen its first quarter earnings more than double. Its net profit came in at S$11.1 million, up 107 per cent on-year.
The firm also enjoyed a 70 per cent rise in revenue to about S$108 million.
KS Energy said it benefited from the prevailing strong demand in the oil and gas, petrochemical, marine and infrastructure industries.
Both its capital equipment and services business and the distribution business turned in strong performances in the first quarter.
Looking ahead, chairman and CEO Kris Wiluan said the oil and gas landscape is vibrant, and oil companies are increasing their exploration and production capital expenditures to meet escalating energy demand.
KS Energy said it is optimistic about its performance in the current financial year. - CNA/ac
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