TOMOLO ANOTHER SELL DOWN OF PETRA PERDANA, THOSE WILL GOOD EARNING ALSO DOWN, WHAT ABT POOR EARNING???
Written by Joseph Chin of theedgemalaysia.com
Monday, 28 February 2011 19:41
KUALA LUMPUR: PETRA PERDANA BHD [] posted net loss of RM18.34 million in the fourth quarter ended Dec 31, 2010 from net profit of RM4.05 million a year ago due to the increase in lease rental and lower charter rates.
It said on Monday, Feb 28 that its revenue fell 36.6% to RM75.69 million from RM119.42 million a year ago. It recorded loss per share of 4.43 sen compared with 1.36 sen.
For the financial year ended Dec 31, 2010, it reported net loss of RM71.46 million versus net profit of RM29.32 million. Its revenue fell to RM254.88 million from RM605.68 million.
Elaborating on the fourth quarter performance, it said the significant decrease in turnover was mainly due to deconsolidation of integrated brownfield services after divesting PETRA ENERGY BHD [] group in December 2009.
“Excluding contributions from integrated brownfield services in year 2009, the group recorded a turnover of RM75.7 million, an increase of 50% from RM50.6 million in the fourth quarter of 2009.
“The increase in turnover is mainly due to the contribution from newly delivered vessels in 2010. Excluding contributions from integrated brownfield services in year 2009, the group registered a loss before taxation of RM17.0 million in the current quarter, as compared to a profit before taxation of RM2.1 million in the fourth quarter of 2009,” it said.
Petra Perdana said the 4Q net loss in 2010 was mainly due to an increase in lease rental from the new deliveries of vessels financed via sale and leaseback arrangement.
Other factors were lower charter rates resulted from the slowdown in regional drilling activities, coupled with the increase of new offshore support vessels by other offshore marine competitors.
There was also an impairment loss on property, plant and equipment of RM3.0 million and impairment loss on receivables of RM4.7 million.