Malaysian oil and gas services provider Petra Energy turned to a profit in the first quarter with a net gain of MYR5.3m ($1.2m) from a loss of MYR7m in the previous corresponding quarter, it said in a stock market announcement.

Even though revenue fell to MYR69.6m from MYR165.7m previously Petra attributed the positive results mainly to gains from the services segment and production and development segment and a lack of impairments that had to be made in previous quarters.

Although vessel utilisation remained low and first quarter revenue for the services segment fell by almost a third to MYR65.9m due to lower activities in the hook-up, commissioning and top-side major maintenance contract with Petronas Carigali, segment profit rose to MYR6.6m from RM3.7m in the previous corresponding quarter.

The marine assets segment meanwhile saw segment losses rising to MYR13.3m from MYR8.1m previously also due to lower vessel utilisation.

Looking ahead, Petra said that market sentiment remained cautious for oil and gas industry.

“The group will continue to manage costs and increase efficiency during this industry climate. In addition, exploring opportunities within the energy sector shall remain a priority for the group,” Petra said.

Source:seatrade-maritime.com