KUALA LUMPUR: Perdana Petroleum Bhd (formerly PETRA PERDANA BHD []) returned to the black with net profit of RM8.37 million in the second quarter ended June 30, 2011 compared with net loss of RM32.98 million a year ago.
It said on Thursday, Aug 18 turnover rose 28% to RM73.3 million from RM57.4 million due to an improvement in the utilization of vessels and charter rates.
'The higher turnover enable the company topmost pre-tax profit of RM8.9 million compared with a loss of RM34.9 million a year ago,' it said. Earnings per share were 1.86 sen compared with loss per share of 11.08 sen.
The improvement was also due to the accretion of refundable deposit of RM5.6 million which mainly resulted from the termination of vessels under the sales and leaseback arrangement, as compared to an impairment loss of charter deposits of RM8.7 million a year ago.
For the first half, net profit was only RM10,000, though small was a stark contrast to the net loss of RM29.38 million in the previous corresponding period. Revenue was RM140.35 million compared with RM108.28 million.
It said on Thursday, Aug 18 turnover rose 28% to RM73.3 million from RM57.4 million due to an improvement in the utilization of vessels and charter rates.
'The higher turnover enable the company topmost pre-tax profit of RM8.9 million compared with a loss of RM34.9 million a year ago,' it said. Earnings per share were 1.86 sen compared with loss per share of 11.08 sen.
The improvement was also due to the accretion of refundable deposit of RM5.6 million which mainly resulted from the termination of vessels under the sales and leaseback arrangement, as compared to an impairment loss of charter deposits of RM8.7 million a year ago.
For the first half, net profit was only RM10,000, though small was a stark contrast to the net loss of RM29.38 million in the previous corresponding period. Revenue was RM140.35 million compared with RM108.28 million.
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