SapuraKencana Petroleum has made a weaker start to 2016 with a near 60% decline in its first quarter profit.

The Kuala Lumpur-listed company said net income was MYR 110m ($27.4m) versus the MYR 261.2m achieved twelve months earlier.

Revenue for the Malaysian offshore vessel operator was down 14% year-on-year to MYR 1.94bn, while operating costs declined 7% to MYR 1.36bn.

Analysts said the decline was cushioned by lower tax rate of 11.7%