Petrol One sinks deeper into the red

KUALA LUMPUR: Petrol One Resources Bhd, formerly Chang Huat Resources Bhd, posted RM15.24 million in net losses for the fourth quarter ended June 30, 2011 due to the loss of charter income, compared with net losses of RM2.71 million a year ago.

The company said on Monday, Aug 29 the revenue fell 17.2% to RM7.28 million from RM9.45 million a year ago. Loss per share was 30 sen compared with 5.86 sen.

Petrol One said the higher loss before tax of RM25.46 million for the current quarter compared to RM3.18 million a year ago was primarily due to the impairment of MT Taurus amounting to RM23.01 million following the revaluation of the vessel.

When compared to the third quarter, it said the 4Q revenue was 3.5% higher at RM7.28 million compared to the preceding quarter’s RM7.55 million. The revenue was marginally higher due to the gain from extra service of the vessel.

“The group loss before tax is higher at RM25.46 million for the current quarter from RM3.56 million registered in the immediate preceding quarter. The higher loss was mainly due to the impairment of MT Taurus,” it said.

For the financial year ended June 30, 2011, Petrol One posted net losses of RM26.65 million compared with losses of RM2.69 million in FY ended June 30, 2010. Its revenue was almost flat at RM30.54 million versus RM30.98 million in FY end June 30, 2010.