Friday 29 Mar 2024
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KUALA LUMPUR (Aug 29): Petra Energy Bhd posted a net profit of RM14.12 million for the second quarter ended June 30, 2019, compared to a net loss of RM15.93 million a year earlier.

Revenue for the quarter jumped 56% to RM137.66 million from RM88.35 million in the previous year.

The oilfield services provider announced an interim dividend of 2 sen per share, payable on Oct 18.

The group said its services segment’s revenue grew 69% year-on-year to RM107.3 million, mainly due to higher activity in existing services contracts.

The higher revenue and improved efficiency on projects resulted in pre-tax profit contribution of RM14.7 million from the segment, compared to pre-tax loss of RM5.5 million in the previous year’s corresponding quarter.

The marine assets segment also posted positive results for the quarter, driven by higher vessel utilisation.

Meanwhile, its production and development segment still posted a quarterly pre-tax loss, albeit smaller year-on-year, amid lower unrealised forex loss.

For the six months ended June 30, net profit stood at RM15.83 million compared to a net loss of RM14.91 million a year earlier, while revenue jumped 60% to RM249.51 million from RM155.86 million.

“There are signs that the industry is recovering from a period of low activity. The group is cautiously optimistic and will explore new opportunities within the energy sector while continuing its cost management and improving it execution efficiency,” said the group on its prospects.

Petra Energy’s share price rose two sen or 2.78% to 74 sen, giving it a market capitalisation of RM238.1 million.

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