KUALA LUMPUR, Aug 19 — Dialog Group Bhd’s net profit for the financial year ended June 30, 2021, declined to RM543.14 million compared to RM630.36 million recorded in the previous financial year.

Revenue slipped to RM1.6 billion from RM2.3 billion previously, the group said in a stock exchange filing with Bursa Malaysia today.

“In the previous financial year, the group had booked a RM28.5 million non-cash fair value gain from the business combination of a jointly controlled entity to a subsidiary, which resulted in a total net profit after tax of RM648.1 million,” it said.

During the current financial year under review, the oil and gas company said its operations continued to be busy with the development of internal midstream assets.

“The construction works of the 430,000 cubic metre (m3) storage capacity under Phase 3A of Pengerang Deepwater Terminals was completed in March 2021 as scheduled whilst the 85,000 m3 capacity expansion of Dialog Terminals Langsat 3 is scheduled for completion by end-2021.

“The focus on the development of the group’s own internal midstream terminal assets during the financial year resulted in the lower reported revenue for Malaysia operations,” it added.

For the fourth quarter ended June 30, Dialog Group posted a lower net profit of RM138.54 million from RM156.68 million while revenue fell to RM522.14 million from RM539.94 million previously. — Bernama