Petra Energy records third quarter earnings of RM25mil

  • Corporate News
  • Friday, 22 Nov 2019

PETALING JAYA: Petra Energy Bhd recorded a net profit of RM25.04mil in the third quarter ended Sept 30,2019 (Q3’19), compared to a net loss of RM26.97mil on improved performances across its segments.

Earnings per share grew to 7.8 sen versus a loss of 8.4 sen per share in Q3’18.

A dividend of two sen per share was declared.

For the quarter under review, group revenue was RM219.01mil, which was 82.9% higher over the previous corresponding quarter.

The services segment contributed RM165.2mil to revenue in Q3’19, versus RM70mil in the same quarter last year, due to higher activities in existing services contracts.

As a result, the segment recorded pre-tax profit of RM10.5mil, excluding impairment loss on trade and other receivables, as compared to a pre-tax loss of RM20.9mil a year earlier.

The marine assets segment meanwhile recorded higher revenue of 6.63% year-on-year of RM84.6mil.

The segment posted pre-tax profit of RM6.5mil, excluding impairment loss on property, plant and equipment, in Q3’19 as compared to a pre-tax profit of RM1.9mil in the previous corresponding quarter.

The production and development segment recorded pre-tax profit of RM29mil versus a pre-tax loss of RM4.1mil in the corresponding quarter as the group recognised the full share of results of an associate accumulated from Q2’18 following a dispute resolution.

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