KUALA LUMPUR (Feb 20): Perdana Petroleum Bhd incurred net loss of RM2.56 million in the fourth quarter ended Dec 31, 2019 (4QFY19) compared with net profit of RM9.12 million last year.
Contributing to the weaker performance was reversal of impairment loss on its assets that was lower year-on-year, plus a one-off fee related to its debt-restructuring exercise, Perdana Petroleum said in its filing.
Quarterly losses per share stood at 0.33 sen compared to earnings per share of 1.17 sen in 4QFY18.
The group recorded a 26% increase in 4Q gross profit to RM6.95 million from RM5.51 million, as lower cost of sales more than offset the slight decline in quarterly revenue to RM64.04 million, from RM64.08 million in 4QFY18.
Vessel utilisation rate stood at 74% in the quarter, according to Perdana Petroleum.
For the financial year ended Dec 31, 2019 (FY19), Perdana Petroleum narrowed its net loss to RM22.85 million from RM40.91 million, thanks to higher gross profit and one-off gains, which more than offset higher taxes incurred.
Gross profit nearly tripled to RM26.65 million in FY19 from RM9.21 million, as annual revenue grew 26.55% to RM240 million — its highest since 2014 — from RM189.65 million in FY18.
On prospects, Perdana Petroleum said a high number of vessels have been earmarked for offshore maintenance and hook-up contracts where activities are currently at “full throttle”.
“Furthermore, our restructuring exercises have already been completed following the overwhelming support from our shareholders for both fund-raising and debt restructuring.
“With the much improved balance sheet, we firmly believe that the road ahead is smoother,” it said.
Shares of Perdana Petroleum closed unchanged at 48 sen, giving it a market capitalisation of RM888.03 million.
http://www.theedgemarkets.com/article/perdana-petroleum-incurs-loss-rm25m-4q19
