KUALA LUMPUR: Ranhill Bhd's net profit rose 62.68% to RM14.43 million in its second quarter (2Q) ended Dec 31, 2009 from RM8.87 million a year earlier, partly due to lower finance costs and taxes.

Revenue fell 8.1% year-on-year to RM560.89 million from RM610.35 million due to lower recognition of turnover from its Melut expansion project as the project nears nearing completion, offset slightly by higher recognition from its wholly owned subsidiary Ranhill Engineers and Constructors Sdn Bhd's (REC) construction project.

Basic earnings per share (EPS) rose to 2.42 sen from 1.48 sen. No dividend was declared.

Ranhill said today some factors that may influence the group's prospects for the year included its engineering and construction (E&C) sector which would continue to build its order book and expected strong growth from its oil and gas (O&G) arm through Ranhill WorleyParsons Sdn Bhd.

"The group expects the revenue and profit contribution from the power business to increase in the coming years once its new 190MW combined cycle power plant becomes fully operational in Dec 2010," it said.

For the six month period, net profit doubled to RM22.82 million from RM15.16 million a year earlier while revenue was marginally lower at RM1.06 billion compared with RM1.13 billion in 2008. EPS rose to 3.82 sen from 2.54 sen.

In a separate statement, Ranhill said its 2007 agreement between REC and Trans-Peninsula Petroleum Sdn Bhd and PT Tripatra Engineers and Consultants for the design and construction of the Malaysian Trans-Peninsula pipeline project had lapsed, adding it was waiting for further development on the proposed project.