Tuesday, November 22, 2011

Petra Energy posts net loss RM13.68m in 3Q

KUALA LUMPUR (Nov 22): PETRA ENERGY BHD [] posted net loss of RM13.68 million in the third quarter ended Sept 30, 2011, a'' contrast from the net profit of RM4.75 million a year ago mainly due to the additional recognition of losses in the onshore civil engineering services on completion of the Kumang project.

It said on Tuesday that revenue was flat at RM158.59 million compared with RM158.94 million a year ago while loss per share was 7.02 sen compared with earnings per share of 2.44 sen.

Petra Energy said the lower revenue recorded by the marine offshore support services, was mainly due to revision of the daily charter rate for a vessel and a decline in onshore civil engineering service.

'The lower revenue is compensated by higher business activities of the integrated brown field maintenance and engineering services recorded in the current quarter,' it said.

Petra Energy said for the nine-month period, it recorded net loss of RM4.56 million compared with net profit of RM10.58 million in the previous corresponding period. Its revenue fell 10.5% to RM432.69 million from RM483.89 million a year ago.

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