IEV - PROMISING TURNAROUND COMPANY

ZEN wrote: COMPANY REPORTED A MASSIVE JUMP IN PROFIT BEFORE TAX OF 1068% !!!!!!



All sectors recorded increases in revenue for 1Q2014 which contributed to the overall increase in the Group’s revenue by RM52.8 million or 407.6% to RM65.8 million from RM13.0 million in 1Q2013.



Revenue from the Offshore Engineering Sector (“OES”) increased by 897.3% to RM56.2 million from RM5.6 million in 1Q2013. This was contributed by: (i) increase in revenue from integrated engineering services or “IES” by 74.1% to RM9.8 million from RM5.6 million in 1Q2013; and (ii) revenue contribution from turnkey projects of RM46.4 million.




There was no revenue contribution from turnkey projects in the previous corresponding quarter. For 1Q2014, the
Group’s revenue from turnkey projects were predominantly contributed by two major turnkey contracts; i.e. the
Malikai Project (for the installation of an Integrated Tension Leg Platform with a three years contract value of
approximately RM313.0 million) and the FPSO Perintis decommissioning contract (for the decommissioning of a
Floating Production Storage and Offloading vessel offshore Malaysia with a contract value of RM52.0 million). The two projects, in aggregate, contributed revenue of RM44.1 million in 1Q2014. In addition, the Group was paid for rectification works as part of the cost recovery exercise by its US-based sub-contractor which amounted to RM2.6 million in respect of the D21 turnkey project in 1Q2014.


Revenue from the Mobile Natural Gas Sector increased by RM2.3 million to RM9.6 million from RM7.3 million in
1Q2013, due mainly to the conversion of business model from the combination of throughput and direct sales to direct sales of CNG only. The per unit sales price of compressed natural gas (“CNG”) for direct sales is higher as compared to the throughput model.