Quick take: Petra Energy continues uptrend, jumps 18% in early trade

KUALA LUMPUR: Shares of Petra Energy Bhd continued to gain ground in early trade Monday.

Its share jumped 16.5 sen, or  18.23 % to RM1.07 in early trade. Petra Energy has sustained its advances, gaining more than 160% since the beginning of the year. In the past one year, Petra Energy has gained more than 32%.

Last week, the group announced that it has returned to 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.

Petra Energy noted that there are signs the industry is recovering from a period of low activities, but concerns remain on the sustainability of the recovery.

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

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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