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Petra Energy swings to profit in Q2
by hlk Fri 12 Aug 2011, 21:15
Petra Energy Bhd, an integrated oil and gas services provider, has achieved a pre-tax profit of RM6.4 million for the second quarter ended June 30, 2011 compared with a loss of RM0.5 million in the previous corresponding period.
Revenue, however, dropped to RM141.8 million from RM172.1 million,
In a statement today, Chief Executive Officer Kamarul Baharin Albakri said: "The oil and gas market is definitely on an uptrend but the delivery of new contracts takes time to materialise, thus resulting in slower revenue growth for the group.
"Given this, we have streamlined our operations to cater for increased turnaround of business activities."
He said the new business strategy resulted in reduced costs of operations and improved efficiencies, thus better profits for the second quarter. -- Bernama
Revenue, however, dropped to RM141.8 million from RM172.1 million,
In a statement today, Chief Executive Officer Kamarul Baharin Albakri said: "The oil and gas market is definitely on an uptrend but the delivery of new contracts takes time to materialise, thus resulting in slower revenue growth for the group.
"Given this, we have streamlined our operations to cater for increased turnaround of business activities."
He said the new business strategy resulted in reduced costs of operations and improved efficiencies, thus better profits for the second quarter. -- Bernama
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