This article first appeared in The Edge Financial Daily on April 25, 2017

Petra Energy Bhd (+ve)
SHARES in Petra Energy Bhd (fundamental: 0.95/3, valuation: 1.8/3) triggered our momentum algorithm for the second time this year as the counter closed three sen or 2.46% higher at RM1.25 last Friday. A total of 2.03 million shares exchanged hands, compared with its 200-day average volume of 128,443 shares.

Petra Energy slipped into the red in the fourth quarter ended Dec 31, 2016 (4QFY16), posting a net loss of RM80.36 million against a net profit of RM10.33 million a year ago, mainly due to losses recorded in the services and marine assets segments.

Revenue for 4QFY16 fell to RM60.99 million from RM205.14 million in 4QFY15.

For the full FY16, Petra Energy made a net loss of RM117.28 million against a net profit of RM47.21 million in FY15, while revenue fell 49.2% to RM333.24 million from RM654.79 million.