SINGAPORE (Yosefardi) – SGX main board listed KS Energy Limited, owned by Kris Wiluan, booked revenues of $161.8 million and net profit attributable to the owner of the company of $23,000 for the financial year ended 31 December 2013.
Recurring revenues in the drilling segment increased 17.3% from $122.8 million in 2012, excluding from the sale of its KS Java Star rig to a joint venture, to $144 million for 2013. The revenue from the drilling segment accounted for approximately 89% of total revenue in 2013.
Net profit after tax for 2013 is $0.5 million compared to a net loss after tax in 2012 of $2.8 million.
The encouraging outlook for the offshore drilling sector is positive for its drilling business and it plans to deploy more assets in South East Asia.
KrisEnergy has been awarded the operatorship and a 95% working interest in the Sakti Production Sharing (PSC) offshore East Java in Indonesia, where the company is actively developing gas aggregation opportunities. The other participant is Golden Heaven Jaya Ltd with a 5% working interest.