KUALA LUMPUR (Feb 22): Petra Energy Bhd has bounced back into the black in the fourth quarter ended Dec 31, 2018 (4QFY18) with a net profit of RM20.88 million compared to a net loss of RM46.50 million in the previous corresponding quarter.

Petra Energy noted that there are signs the industry is recovering from a period of low activities, but concerns remain on the sustainability of the recovery.

"The group is cautiously optimistic and will explore for new opportunities within the energy sector while continuing its cost management and improving its execution efficiency," said the company in a filing to Bursa Malaysia.

Petra Energy attributed the improved financial performance to increase in activities in the service segment, specifically in the Hook up, Commissioning and Top-side Major Maintenance (HuC/TMM) contract with Petronas Carigali Sdn Bhd (PCSB).

Earnings per share stood at 6.51 sen compared to a loss per share of 14.49 sen in 4QFY17.

Quarterly revenue ballooned 62% to RM191.83 million from RM118.44 million in the previous year.

The service segment recorded profit before taxation of RM17.8 million in 4QFY18 as compared to loss before taxation of RM53.4 million in 4QFY17, in line with higher activities during the quarter.

For the full financial year ended Dec 31, 2018 (FY18), Petra Energy's net loss narrowed by more than half to RM21 million from a net loss of RM46.03 million in the previous year, while revenue inched up by 1.6% to RM467.42 million from RM460.23 million.

Shares of the group were not traded today. They last closed at 42 sen with a market capitalisation of RM134.8 million.