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Velesto Energy Bhd's (KL:VELESTO) first quarter net profit more than tripled year-on-year, driven by higher utilisation and average daily charter rates for jack-up rigs. Net profit for the quarter ended March 31, 2024 (1QFY2024) rose to RM46.81 million, from RM14.22 million. The group, which is 41.7%-controlled by Permodalan Nasional Bhd, said revenue grew 18% to RM338.58 million from RM287.25 million in 1QFY2023. — Velesto's 1Q earnings more than triple on higher rig utilisation, charter rates
