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Perdana Petroleum Q1 profit plunges 61%

Perdana Petroleum Q1 profit plunges 61%
Reflecting continuing pain in the oil and gas industry, Malaysian offshore services company Perdana Petroleum saw first quarter net profit plunge 61% to MYR8.6m ($2.4m) from MYR22.0m in the same period last year.

Revenue fell to MYR69.5m from MYR87.3m previously, the company said in a stock market release. Perdana Petroleum attributed the decreases in both turnover and profits to the lower vessel utilisation resulting from the slower work orders/contracts from the oil majors affected by the decline in crude oil prices.

Looking ahead, the group said it would continue to focus on stronger operational excellence and financial discipline.