Perdana Petroleum 3Q net profit jumps 74%, declares 2 sen dividend

by **Cals** Wed 26 Nov 2014, 02:36

Perdana Petroleum 3Q net profit jumps 74%, declares 2 sen dividend

KUALA LUMPUR (Nov 25): Offshore marine service provider Perdana Petroleum Bhd ([You must be registered and logged in to see this image.] Financial Dashboard)'s net profit for the third quarter ended Sept 30, 2014 (3QFY14) jumped 74% to RM27.01 million or 3.66 sen per share from RM15.51 million or 3.03 sen per share a year ago, on higher vessel utilisation as well as increased number of vessels.
Revenue for 3QFY14 surged 38% to RM93.82 million from RM68.17 million.
Perdana Petroleum also declared an interim dividend of 2 sen per share, payable on Dec 22.
For the nine months to Sept 30, 2014 (9MFY14), the group’s net profit almost doubled to RM73.04 million or 9.92 sen per share from RM39.77 million or 7.94 sen per share, thanks to higher vessel utilisation, which has improved to an average rate 93% from 78% in 9MFY13.
Revenue in 9MFY14 rose 37% to RM269.67 million from RM196.61 million a year ago.
Perdana Petroleum said it is positive on the outlook for the oil and gas support services in the domestic and regional markets, despite some signs of caution over the uncertainty in oil prices which currently ranges between US$75 and US$80 per barrel.
“Our fleet, with an average age of approximately 4.2 years old, will continue to provide the longer-term charter opportunities and stability. Currently, we have long term charters with an order book of RM1.1 billion up to year 2019,” the group said in a filing with Bursa Malaysia today.
Perdana Petroleum added that its offshore marine business will continue to remain stable and provide positive performance.
Shares in Perdana Petroleum closed 0.77% higher at RM1.31 today, giving it a market capitalisation of RM959.96 million.