KUALA LUMPUR: PETRA PERDANA BHD [] posted net loss of RM8.4 million for its first quarter ended March 31, 2011 (1QFY11) due to higher operational costs with its increased new vessels.
It said on Tuesday, May 24 this was a contrast from a net profit of RM3.6 million from a year ago, when it also booked a one-off gain on vessel disposal of RM8.3 million.
'Turnover jumped 32% to RM67.0 million in 1QFY11 from RM50.93 million a year earlier. The significant increase in turnover was mainly due to improvement in vessel utilisation and increased fleet size,' it said.
Petra Perdana managing director Shamsul Saad said the first quarter had been the industry's weakest period traditionally, as oil majors tended to curtail their offshore activities in the monsoon season.
'Therefore, the jump in the utilisation rate of our vessels in the first three months of this year points to a significant change in the market conditions and, in fact, underline the continuing turn around for our offshore vessel business.'
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It said on Tuesday, May 24 this was a contrast from a net profit of RM3.6 million from a year ago, when it also booked a one-off gain on vessel disposal of RM8.3 million.
'Turnover jumped 32% to RM67.0 million in 1QFY11 from RM50.93 million a year earlier. The significant increase in turnover was mainly due to improvement in vessel utilisation and increased fleet size,' it said.
Petra Perdana managing director Shamsul Saad said the first quarter had been the industry's weakest period traditionally, as oil majors tended to curtail their offshore activities in the monsoon season.
'Therefore, the jump in the utilisation rate of our vessels in the first three months of this year points to a significant change in the market conditions and, in fact, underline the continuing turn around for our offshore vessel business.'
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