KUALA LUMPUR: Kencana Petroleum Bhd posted net profit of RM31.17 million for the third quarter ended April 30, 2010 from RM27.64 million.

It said on Monday, June 28 the group recorded revenue of RM280.4 million and profit before taxation of RM36.5 million. Compared to a year ago when revenue was RM290.2 million, there was a 3% decline mainly due to progress achieved for contracts in hand, which was in line with the project delivery schedule.

"Despite the decrease in revenue, profit before tax had gone up marginally by 4% from RM35.1 million to RM36.5 million mainly due to better margins recorded," it said. Earnings per shares were 1.92 sen versus 3.06 sen.

When compared to the second quarter ended Jan 31, 2010, the pre-tax profit fell 12% from RM41.7 million due to higher contract costs and operating expenses.