Velesto Energy is trading at MYR 0.23 (-6.12%) after second-quarter net profit fell to RM531,000 from RM50.44 million year-on-year.
- Weaker rig utilisation and daily charter rates pressured earnings; rates fell to US$103,000 from US$123,000.
- Investors are reassessing the terminated Naga 3 rig sale, while management expects performance to strengthen in coming quarters.
- Six-month earnings declined 72.5% to RM28.39 million, despite a RM1.3 billion remaining order book.