Petra Energy net loss widens in Q3

PETALING JAYA: Petra Energy Bhd’s net loss for the third quarter ended Sept 30 widened to almost 3½ times to RM26.97mil from RM7.91mil a year earlier due mainly to losses incurred in an associate.

The group said its share of loss in an associate was RM4.33mil versus a profit of RM9.59mil in the comparative quarter.

The upstream integrated brownfield services provider said revenue also slumped nearly 30% year-on-year to RM119.73mil from RM170.9mil previously.

Earnings per share for the quarter under review widened to 8.4 sen from 2.36 sen previously, it said in a filing with Bursa

Malaysia.

In the services segment, Petra Energy posted a higher pre-tax loss of RM20.9mil compared to a pre-tax loss of RM17.8mil in the year-ago quarter, excluding impairment losses and other trade receivables.

Revenue in the segment nearly halved to RM70mil from the comparative quarter due to fewer activities in the hook-up, commissioning and top-side major maintenance contract with Petronas Carigali Sdn Bhd.

Its marine segment posted a higher pre-tax profit of RM1.9mil versus RM400,000 in the same quarter last year as revenue rose to RM79.3mil from RM68.7mil on improved vessel utilisation.

Meanwhile, its production and development segment recorded a pre-tax loss of RM4.1mil due to an ongoing dispute with a client.

Petra Energy said market sentiments remained cautious over prospects in the oil and gas industry.

“The group will continue to manage costs, increase efficiency during this industry climate and explore opportunities within the energy sector,” it said.