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Scomi profits jump on asset sale
Malaysian services provider Scomi Group said net profit for the second quarter surged to 171 million ringgit ($48.8 million) from 20 million ringgit a year earlier, boosted by gains from the sale of a 19.9% stake in its oilfield arm Scomi Oilfield.
Excluding the one-off gain of 140 million ringgit, net profit from operations was at 31 million ringgit, representing a 55% increase from the same period last year, the company said.
Revenue jumped 41% to 492.6 million ringgit for the quarter, Scomi added.