Perdana Petroleum Bhd achieved a turnaround with a net profit of RM8.65 million in Q2 FY2023 from a RM6.54 million net loss last year. (MMEA Twitter pic)
PETALING JAYA: Perdana Petroleum Bhd, which is showing signs of a nascent recovery after posting a profit in the latest quarter, surged to a 41-month high today on heavy trading volume.
The counter reached an intraday high of 24 sen during the afternoon session from yesterday’s closing price of 18.5 sen. This marked its highest level since March 2020, before settling at 23.5 sen at the close for a gain of 27.03% or 5 sen.
This gave the offshore support vessel operator a market capitalisation of RM521.4 million.
It was also the most actively traded counter on Bursa Malaysia as its trading volume surged to 202.52 million shares, nearly 22 times higher than its 200-day average volume of 9.3 million shares.
Year-to-date, Perdana Petroleum’s stock price has jumped 88%.
For the second quarter ended June 30 (Q2 FY2023), it achieved a significant turnaround with a net profit of RM8.65 million from a RM6.54 million net loss in the same period last year.
It had suffered a net loss of RM8.26 million in Q1 FY2023. Revenue jumped 89% year-on-year and 175% quarter-on-quarter to RM81.64 million.
The quarterly earnings upswing was attributed to increased utilisation rates of accommodation work barges, yielding improved profit margins, reduced depreciation expenses, and the recovery of an impairment loss totalling RM1.7 million on receivables.
The higher revenue was driven by increased vessel utilisation and improved daily charter rates, spurred by an upward trend in offshore production operations, along with improved earnings from auxiliary vessel-chartering services.
For the six months ended June 30, 2023, it posted a modest net profit of RM389,000, from a net loss of RM20.54 million last year. Revenue, meanwhile, surged 54.56% to RM111.27 million from RM71.99 million previously.
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