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  Bookmark this page   Wednesday, 04 Mar 2015
Today's Headlines
KS Energy: Ceasing coverage

KS Energy reported a 40.5% increase in revenue to S$227.3m and a net profit of S$30.1m in FY14 vs net profit of S$23k in FY13. Excluding one-off items such as disposal gains and impairment losses on PPE and non-trade receivables, we estimate recurring net profit to be about S$8.8m for the year vs our forecast of S$3.6m, higher than expectations. However, with the oil price rout, the group could potentially see lower charter rates during contract renewals or maybe even more rig impairments later. If the rig market turns out to be worse than expected, certain units may be left idle as well. Looking ahead, the outlook for the offshore services sector continues to be affected by lower oil prices, and with a re-allocation of resources, we are ceasing coverage on KS Energy.

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KS Energy: Ceasing coverage
KS Energy reported a 40.5% increase in revenue to S$227.3m and a net profit of S$30.1m in FY14 vs net profit of S$23k in FY13. Excluding one-off i ...
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