KUALA LUMPUR (May 21): Petra Energy Bhd saw its net profit surge 86.9% to RM2.08 million or 0.65 sen a share for the first quarter ended March 31, 2015 (1QFY15) from RM1.12 million or 0.35 sen a share a year ago, mainly due to positive contribution from the services segment.

The segment recorded an increase in pre-tax profit by RM5.5 million to RM7.4 million in 1QFY15, largely due to higher contribution from the hook up, commissioning and top-side major maintenance in line with its clients’ scheduled activities executed.

Petra Energy's revenue for 1QFY15 also rose 2.1% to RM119.07 million from RM116.58 million in 1QFY14.

In a filing with Bursa Malaysia today, Petra Energy (valuation: 2; fundamental: 0.8) noted that global oil prices rebounded from its lowest position in recent past underpinned by demands in fossil energy sources.

"In responding to this change, the group remain cautious with the global oil economy and continue to undertake steps planned to manage costs and operational expenditures in its efforts to increase shareholder value.

"Growing the current business and exploring opportunities up the oil and gas value chain for new revenue streams continues to be an ongoing priority for the group," it said.

The stock closed 1.35% lower at RM1.46 today, with a market capitalisation of RM469.76 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)