Baker Tech

Baker Tech: 3Q12 results. Net profit rose 33% yoy to $5.71m, buoyed by improved gross profit margins from its projects. Revenue rose 17% to $21.71m yoy. EPS rose to 0.81 ct from 0.62 a year earlier. NAV rose to 36.2 cts from 24.5 cts. For 9M12, net profit soared to $80.64m from $4.8 m, boosted by a gain on disposals of its 49% interest in associate York for $10.9m in 1Q12, and its subsidiary, PPLH, for $58.2 m in 2Q. 9M12 revenue surged 69% to $81.84 m from $48.41 m. EPS for the period jumped to 11.51 cents from 0.69 cent. Mgt increased its interest in Discovery Offshore to 20% from 19%, in the last quarter, as part of its growth strategy to build a portfolio of quality oil and gas assets. It topped up its 19% with a further 700k shares, which it had acquired in the open market for $1.4m in Aug, bringing its total investment in Discovery Offshore to $31.8 m. The group has a net order book value of US$60 m as at end-Sep with the orders expected to be completed in the next 12 to 18 months. Believes that it is well positioned to weather the weak global economy with its strong balance sheet and cash position. Says, even as the global economic outlook remains fraught with uncertainties in the next 12 months, it is still confident of the long-term prospects and potential of the oil and gas industry; oil prices are expected to remain high to drive continued investments in exploration and production. The counter is +1.6% at $0.32. .