Malaysia-listed offshore services provider Perdana Petroleum posted lower profit for the first quarter that ended on 31 March 2015 at MYR9.08 million (USD2.5 million).
The first-quarter 2015 profit declined 58.7% from MYR22 million in first-quarter 2014 because of lower vessel utilisation.
Revenue decreased by 20% to MYR69.5 million in first-quarter 2015 from MYR87.3 million in the same period last year, while gross profit fell 44% to MYR22.7 million versus MYR40.5 million for the corresponding period last year. The decline in earnings were attributed to the lower vessel utilisation resulting from the slower work orders or contracts award from the oil majors affected by the fluctuation in crude oil prices.
Perdana Petroleum incurred higher cost in its income tax expense at MYR0.5 million for first-quarter 2015, compared with MYR0.35 million in first-quarter 2014, while the company’s operating expenses dropped 31% to MYR7.9 million from MYR11.5 million.
In the meantime, Perdana Petroleum remains upbeat on the long-term fundamentals of the oil and gas industry, and will drive continued development and spending in the segments that its business operates in.
“The group operates a young and versatile fleet of offshore support vessels with an average age of approximately 5.2 years old. Currently, more than half of our fleet is under long-term contracts, with some up to year 2019, and our tendering activities remain robust. We believe all these will continue to provide the longer-term charter opportunities and stability we require amid the uncertainty,” said Perdana Petroleum in its filing to Malaysian stock exchange Bursa Malaysia.