KUCHING: Petra Energy Bhd (Petra Energy) registered higher earnings and turnover in the second quarter of 2015 (2Q15) ended June 2015. The company told here the other day that earnings in 2Q15 jumped by 85 per cent year-on-year (y-o-y) to RM14.9 million from RM8.07 million in 2Q14. Petra Energy added revenue in 2Q15 increased by 29 per cent y-o-y to RM164.66 million compared with RM127.37 million in 2Q14.
The company in its accounts notes explained that the higher revenue was attributed to the contribution from its services segment as a result of higher contribution from the hook-up commissioning and top-side major maintenance contract from Petronas Carigali Sdn Bhd in line with the scheduled activities performed.
Petra Energy noted the favourable earnings in 2Q15 was also due to the positive contribution from its services segment.
Additionally, Petra Energy said the group also recorded higher revenue and net profit in the first half of 2015 (1H15).
The company said revenue strengthened by 16 per cent y-o-y to RM283.73 million while earnings rose 87 per cent y-o-y to RM16.98 million.
Commenting on the group’s prospects, Petra Energy said,”Key measures will continue to be undertaken by the group to manage costs and operational expenditures in its efforts to increase shareholder value.
“Growing the current business and aggressively exploring opportunities up to the oil and gas value chain for new revenue streams will remain a priority for the group,” Petra Energy outlined.
