KUALA LUMPUR (Nov 26): Petra Energy Bhd's net loss more than tripled to RM26.97 million in the third quarter ended Sept 30, 2018 (3QFY18) — its second consecutive quarter of losses — from RM7.91 million a year ago, due to higher losses from both the services, and production and development segments.

This was partially offset by the marine assets segment, which recorded higher pre-tax profit of RM1.9 million in 3QFY18 from RM400,000 in 3QFY17 due to improved vessel utilisation.

Petra Energy's loss per share widened to 8.4 sen for 3QFY18 from 2.46 sen for 3QFY17.

Quarterly revenue fell 30% to RM119.74 million from RM170.99 million a year ago.

In a filing with Bursa Malaysia today, Petra Energy said the services segment recorded higher pre-tax loss of RM20.9 million in 3QFY18 compared with RM17.8 million (after excluding impairment loss on trade and other receivables of RM4.8 million) a year ago, in line with lower activities during the quarter.

The production and development segment also recorded a pre-tax loss of RM4.1 million in 3QFY18 arising from an ongoing dispute with a client.

The weaker quarterly performance caused the group to post a net loss of RM41.88 million in the cumulative nine months (9MFY18) compared with a net profit of RM470,000 a year ago, while revenue dropped 19.4% to RM275.59 million from RM341.79 million in 9MFY17.

On prospects, Petra Energy said the market sentiments remain cautious for the oil and gas industry.

"The group will continue to manage costs, increase efficiency during this industry climate and to explore opportunities within the energy sector," it added.

At 2.43pm, Petra Energy shares were down 3 sen or 5.61% at 50.5 sen, with 21,000 shares done, bringing a market capitalisation of RM162.08 million.