Friday 29 Mar 2024
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KUALA LUMPUR (Aug 22): Perdana Petroleum Bhd slipped into the red in the second quarter with a net loss of RM5.44 million, from a net profit of RM10.1 million a year ago when it benefited from a hefty foreign exchange gain of RM25.8 million.

Losses per share for the quarter ended June 30, 2019 stood at 0.7 sen compared with earnings per share of 1.3 sen in the same period last year.

Quarterly revenue grew 32.06% to RM62.84 million from RM47.59 million, the group said in a filing with Bursa Malaysia.

The higher revenue came as vessel utilisation rose to 79% in the period, from 70% previously.

For the cumulative six-month period, Perdana Petroleum’s net loss narrowed to RM38.38 million from RM56.56 million in the same period last year.

This was due to higher revenue, lower net exchange loss and a reversal of impairment loss on its assets, which offset the higher administrative expenses this year.

Half-year revenue rose 37.57% to RM88.54 million from RM64.36 million previously, as the group’s vessel utilisation rate rose to 57% from 48%.

“12-14 out of a fleet of 16 vessels were employed in the second quarter and we remain cautiously confident that this fleet utilisation level should continue right through into at least quarter three, if not the end of the year,” said Perdana Petroleum.

The group said it continues to face challenges in managing the funds and its cash flows as revenue dwindled in the fourth quarter of last year and first quarter of this year, and the longer time it took for the funds from the private placement exercise to finalise.

“Nonetheless, this matter is being addressed and properly managed,” it added. “We are optimistic that all these problems can be resolved soon and that we will be able to catch on the upcycle when the market strongly rebounds.”

Shares of Perdana Petroleum rose half a sen or 1.49% to 34 sen, giving the group a market capitalisation of RM264.88 million.

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