KUALA LUMPUR: Shares of PETRA PERDANA BHD [] fell in active trade on Tuesday, March 1 after posting net loss of RM18.34 million in the fourth quarter ended Dec 31, 2010 from net profit of RM4.05 million a year ago
At 9.27am, Petra was down 6.5 sen to 84 sen with 2.18 million shares done.
The FBM KLCI rose 1.88 points to 1,493.13. Turnover was 112.16 million shares done valued at RM65 million. There were 192 gainers versus 103 losers and 190 stocks unchanged.
Petra Perdana's losses were due to the increase in lease rental and lower charter rates. Revenue fell 36.6% to RM75.69 million from RM119.42 million a year ago. It recorded loss per share of 4.43 sen compared with 1.36 sen.
For the financial year ended Dec 31, 2010, it reported net loss of RM71.46 million versus net profit of RM29.32 million. Its revenue fell to RM254.88 million from RM605.68 million.
In a research note, OSK Research said Petra Perdana Bhd's FY10 results were below expectations due to low vessel utilisation and charter rates as well as an impairment loss of RM7.7 million.
'We believe 2010 is a 'washout' year for the company and expect it to gradually recover. Maintain Buy,' it said.
At 9.27am, Petra was down 6.5 sen to 84 sen with 2.18 million shares done.
The FBM KLCI rose 1.88 points to 1,493.13. Turnover was 112.16 million shares done valued at RM65 million. There were 192 gainers versus 103 losers and 190 stocks unchanged.
Petra Perdana's losses were due to the increase in lease rental and lower charter rates. Revenue fell 36.6% to RM75.69 million from RM119.42 million a year ago. It recorded loss per share of 4.43 sen compared with 1.36 sen.
For the financial year ended Dec 31, 2010, it reported net loss of RM71.46 million versus net profit of RM29.32 million. Its revenue fell to RM254.88 million from RM605.68 million.
In a research note, OSK Research said Petra Perdana Bhd's FY10 results were below expectations due to low vessel utilisation and charter rates as well as an impairment loss of RM7.7 million.
'We believe 2010 is a 'washout' year for the company and expect it to gradually recover. Maintain Buy,' it said.
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