Petra Energy's 2Q earnings up 84.5% on higher revenue, lower finance costs

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KUALA LUMPUR (Aug 21): Petra Energy Bhd’s net profit jumped 84.5% to RM14.9 million from RM8.1 million a year ago in its second quarter ended June 30 (2QFY15), on positive contribution from its services segment, which was strengthened by a decrease in finance cost.

Thus earnings per share for the latest quarter rose to 4.63 sen per share, from 2.51 sen per share a year ago, its filing to Bursa Malaysia today showed.

Revenue for 2QFY15 came in at RM164.7 million, 29.3% higher than the RM127.4 million seen in 2QFY14, as a result of a higher contribution from the hook up, commissioning and top-side major maintenance (HuC/TMM) contract from PETRONAS Carigali Sdn Bhd (PCSB).

In its first half ended June 30 (1HFY15), Petra’s net profit rose 86.5% to RM16.98 million (5.28 sen per share), from RM9.1 million (2.83 sen per share) a year ago, mainly due to cost savings in finance cost.

Revenue for the half year period was up 16.3% at RM283.7 million, from RM244 million in 1HFY14, as a result of the HuC/TMM contract from PCSB.

On prospects, the group said it will focus on growing the current business and aggressively exploring new opportunities in the oil and gas value chain for new revenue streams — which will remain a priority.

At 2.37pm, Petra shares were trading up 3 sen at 98 sen today, giving it a market capitalisation of RM 302.1 million.