Malaysia-listed integrated brown-field services provider Petra Energy posted a profit of MYR2.08 million (USD0.57 million) for the first quarter that ended on 31 March 2015, a two-fold jump from MYR1 million in the same period last year.
The company’s revenue increased slightly by 2% to MYR119 million in first-quarter 2015, compared with MYR116.6 million in first-quarter 2014, while gross profit hiked up 10% to MYR16.4 million from MYR14.9 million in the corresponding period last year.
The higher revenue was largely due to higher contribution from Petra Energy’s services segment in hook-up, commissioning, and top-side major maintenance, in line with its clients’ scheduled activities executed.
On the other hand, the company’s marine assets segment recorded a lower profit before tax of MYR0.3 million, compared with MYR0.4 million in the preceding year, mainly because of higher depreciation charges arising from capitalisation of dry docking costs.
Petra Energy’s finance cost increased to MYR5.3 million in first-quarter 2015 compared with MYR2 million in the same period last year, while its administrative expenses decreased 9% year on year to MYR11.3 million in first-quarter 2015, because of improved cost management and lower expenditures incurred by the company during the quarter.
Petra Energy will continue to undertake steps planned to manage costs and operational expenditures in its efforts to increase shareholder value amid the volatile global oil economy. The company will adopt a cautious approach in growing its current business as well as exploring opportunities in the oil and gas value chain for new revenue streams.