Petra Energy reports lower Q1 earnings

Business & Markets 2013
Written by Bernama
Friday, 17 May 2013 20:01
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KUALA LUMPUR (May 17): PETRA ENERGY BHD [] registered a lower
pre-tax profit of RM3.619 million for its first quarter ended March 31,
2013, from the RM9.712 million posted in the same period last year.
Revenue for the three-month period also fell to RM92.38 million when
compared with RM131.252 million, previously.
In a filing to Bursa Malaysia today, Petra Energy said the lower earnings
was mainly due to lower contributions from its Integrated Brown Field
Maintenance and Engineering Services business segments.
Moving forward, the company said the oil and gas industry is slated for
sustained growth over the next three to five years in both the offshore
and onshore sectors.
"The government's focus on domestic oil and gas production by
enhancing oil recovery, developing small fields and increasing
exploration activities to locate new fields, are one of the key growth
areas that would positively impact Petra Energy moving forward.
"Whilst, maintaining focus on integrated brown field services activities,
the group continuously enhances its capabilities to expand into relevant
market
sectors," Petra Energy said.