Ramunia 3Q net profit up at RM7.46m
The Sun (Financial Daily)
29 September 2006

Ramunia Holdings Bhd, which is the subject of a possible takeover by Sime Darby Bhd, posted a 34.9% rise in net profit to RM7.46 million in the third quarter (3Q) ended July 31, 2006 from RM5.53 million a year earlier boosted by its oil and gas division.

It said yesterday that revenue jumped 136.4% to RM107.11 million from RM45.3 million a year earlier. Earnings per share was 3.18 sen from 3.04 sen.

Its oil and gas division recorded a profit before tax of RM31.99 million on the back of RM190.13 million in turnover.

For the nine-month period, it posted a net profit of RM13.75 million against a net loss of RM28.93 million a year earlier, while revenue rose 103.6% to RM191.47 million from RM94.03 million.

Ramunia was confident of good operating performances based on its unit Ramunia Fabricators Sdn Bhd’s fabrication order book as well as hook-up and commissioning contracts.

FinancialDaily yesterday reported that Sime Darby was going ahead with a planned acquisition of an over 50% stake from Ramunia’s chairman Datuk Azizul Rahman Abdul Samad, and a subsequent mandatory general offer in the company.

Its irredeemable convertible preference shares (ICPS) closed 8.5 sen higher at 80.5 sen.

However, Ramunia’s share price closed two sen lower at RM1.27, its warrants lost four sen to 75.5 sen while its irredeemable convertible unsecured loan stocks (ICULS) shed 1.5 sen to 98 sen. Sime Darby was unchanged at RM5.95.