Friday 29 Mar 2024
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KUALA LUMPUR (Nov 21): Loss-making Perdana Petroleum Bhd has reported a net profit of RM18.09 million for the third quarter ended Sept 30, 2019 (3QFY19) on higher revenue due to higher vessel utilisation.

The net profit is 2.8 times more than the RM6.53 million posted for 3QFY18.

Earnings per share rose to 2.32 sen from 0.84 sen previously, according to a filing with Bursa Malaysia today.

Perdana Petroleum, which has been loss making since FY15, expects to return to the black in FY20.

Revenue for 3QFY19 increased 42.79% to RM87.41 million, from RM61.21 million ayer ago, mainly attributable to higher vessel utilisation at 91% versus 84% in the same quarter last year.

The higher earnings was also due to lower other expenses which stood at RM507,000, from RM5.87 million last year.

For the cumulative first nine months (9MFY19), the group’s net loss narrowed to RM20.29 million or 2.61 sen per share, from RM50.02 million or 6.43 sen per share last year, while revenue climbed 40.12% to RM175.95 million from RN125.58 million.

“We firmly believe that the worst is behind us now, and this impressive set of quarterly results is a strong testimony of our unwavering pursuit to improve the group’s performance,” Perdana Petroleum said.

It added that the favourable business environment in the second half of FY19 is expected to be an inflection point for the group to showcase its capability to turn the business around, adding that a tightening of vessel supply in the market will yield stronger charter rates that will boost its financial performance.

“In the meantime, our synergistic collaboration with Dayang remains a cornerstone of the significant improvement in our financial results, as a high number of vessels has been earmarked for Dayang’s offshore maintenance and hook-up contracts with various oil majors,” it said.

The group remains hopeful of winning some longer-term contracts with certain oil majors, so as to ensure a clearer earnings visibility.

Shares of Perdana Petroleum fell one sen or 2.15% lower to close at 45.5 sen today, valuing the group at RM354.2 million. Year-to-date, the counter has risen by 112% from 21.5 sen.

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