Petra Energy returns to black with net profit of RM25.04 mln in Q3

KUALA LUMPUR, Nov 21-- Petra Energy Bhd returned to profitability with a net profit of RM25.04 million in the third quarter (Q3) ended Sept 30, 2019 against a net loss of RM26.97 million in the same period last year.

Revenue was higher at RM219 million against RM119.74 million previously.

For the nine-month period, it registered a net profit of RM40.87 million versus a net loss of RM41.88 million, while revenue was higher at RM468.52 million from RM275.59 million previously.

In a filing with Bursa Malaysia today, Petra Energy said its services segment posted a pre-tax profit of RM32.1 million in Q3 2019 against a pre-tax loss of RM19.7 million in Q2 2018 on higher revenue.

Meanwhile, its marine assets segment recorded a pre-tax profit of RM3.2 million due to higher vessel utilisation against a pre-tax loss of RM17.7 million.

The production and development segment posted a pre-tax profit of RM29 million from a pre-tax loss of RM4.1 million in Q3 2018 as a dispute pertaining to disapproved petroleum cost that affected the share of results of an associate has been resolved.

Hence, this has allowed the group to recognise in full the share of results of the associate accumulated from Q2 2018.

"There are signs that the industry is recovering from a period of low activities.

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


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