Petra Energy 1Q profit leaps 68.3% to RM1.72 million

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KUALA LUMPUR (May 7): Petra Energy Bhd achieved a net profit of RM1.72 million for its first quarter ended March 31 (1QFY19), up 68.3% from RM1.02 million a year ago.

Quarterly revenue jumped 65.7% to RM111.85 million from RM67.51 million in the previous corresponding quarter. Earnings per share (EPS) ballooned to 0.53 sen from 0.32 sen posted a year ago.

The group partly attributed its year on year (y-o-y) revenue growth to higher activities in its services segment, particularly those in the Hook up, Commissioning and Top-side Major Maintenance (HuC/TMM) contract with Petronas Carigali Sdn Bhd (PCSB).

“There are signs that the industry is recovering from a period of low activities. Concerns, however, remain on the sustainability of this recovery. The group is cautiously optimistic and will explore new opportunities within the energy sector while continuing its cost management and improving its execution efficiency,” said the group when commenting on its prospects.

Petra Energy shares gained 2.9% or three sen to RM1.05 — with 195,400 shares traded — giving the group a market capitalisation of RM337.84 million.