Quick take: Petra Energy shares hit limit-up, rallies 71%

  • Stock on the Move
  • Monday, 25 Feb 2019

KUALA LUMPUR: Petra Energy Bhd shares hit limit-up in early trade Monday, as investors reacted positively to its its fourth quarter ended Dec 31, 2018 results.

The counter hit limit up after jumping 30 sen, or 71.43% to 72 sen with 847,500 shares traded.

Petra Energy has bounced back into the black in the fourth quarter ended Dec 31, 2018 (4QFY18) with a net profit of RM20.88mil compared to a net loss of RM46.50mil in the previous corresponding quarter.

Its revenue for the quarter jumped 62% to RM191.83mil from RM118.44mil in the previous year.

Petra Energy said there were signs the industry was recovering from a period of low activities, but concerns remain on the sustainability of the recovery.

"The group is cautiously optimistic and will explore for new opportunities within the energy sector while continuing its cost management and improving its execution efficiency," it said.

For the full financial year ended Dec 31, 2018, Petra Energy's net loss narrowed by more than half to RM21mil from a net loss of RM46.03mil in the previous year, while revenue rose marginally to to RM467.42mil from RM460.23mil.

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