KUALA LUMPUR: Petra Energy Bhd's net profit dropped 32 per cent year-on-year (YoY) to RM16.49 million in the third quarter ended Sept 30, 2023 (Q3 2023) versus RM24.22 million in the same period last year.
Its revenue rose 11.7 per cent in the quarter under review to RM149.05 million from RM133.45 million in Q3 2022 supported by the marine assets segment.
At pre-tax level, the profit rose 5.3 per cent year-on-year to RM25.59 million from RM24.3 million in Q3 2022.
Petra Energy said its marine assets segment raked in a revenue of RM127.3 million in the quarter versus RM87.1 million a year ago due to higher vessel utilisation.
Its services segment, however, posted lower revenue of RM81.2 million in Q3 2023 compared to RM91.9 million in the corresponding period last year.
For the cumulative nine months, the company's net profit jumped to RM26.83 million from RM5.09 million a year ago.
Revenue for the period increased 59.5 per cent to RM415.34 million from 260.34 million in the same period last year .
The services segment revenue rose to RM274.6 million from RM187.4 million in the preceding year's corresponding period due to higher activities in existing services contracts.
Its marine assets segment posted a revenue of RM264.9 million in the nine-month period due to higher vessel utilisation compared to RM155.6 million in the preceding year's corresponding period.
In a filing to Bursa Malaysia, the company noted that the industry appeared to be recovering after several years of low activities, due to higher oil and spot liquified natural gas prices as demand outstrips supply.
"However, the group remains guarded against over optimism and will continue to pursue other opportunities within the industry. Cost management and improving its execution efficiencies remains a priority," it added.