KS Energy operating profit goes back into the red

After 4 consecutive months in black.

According to OCBC, KS Energy (KSE) reported a 27.6% YoY rise in revenue to S$153.4m and a net profit of S$1.1m in 1Q13, vs a net loss of S$315k in 1Q12.

Though the group’s operating profit went into the red again after four previous quarters in the black, OCBC said that they understand that S$5.8m of the group’s “other operating expenses” relates to one-off foreign exchange losses from the disposal a jointly-held asset.

Here's more from OCBC:

Excluding this, operating profit would have been ~S$8.3m. Meanwhile, about S$6.5m of the group’s share of results of jointly controlled entities relates to the disposal gain.

Hence the net impact from the disposal is ~S$0.7m. We hence estimate core net profit of about S$0.4m in 1Q13.