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Perisai turns in $167m 2015 loss on impairments

Perisai turns in $167m 2015 loss on impairments
Malaysian oil and gas (O&G) service provider Perisai Petroleum Teknologi, very much in line with other companies in the sector, reported a full-year net loss of MYR706.3m ($167.2m) for 2015 compared to a net profit of MYR13.7m previously as it took charges for impairments of plant and equipment amounting to MYR689.9m in the fourth quarter.

The provisions made in the fourth quarter also resulted in a net loss of MYR724.6m for the period from a gain of MYR13.5m in the previous corresponding period, the company said in a stock market announcement.

Revenue in the fourth quarter was also weak, falling 0.92% to MYR55.3m mainly due to discounts on charter rates given to clients in the drilling segment, Perisai said. This was however mitigated by higher conversion exchange rates.

For the full-year revenue grew 76% to MYR214.8m due to the full-year contribution of Perisai’s maiden jack-up drilling rig, Perisai Pacific 101.

At the operational level excluding the impairment, the group posted a full-year pretax profit of MYR37.6m, 35% higher than the previous corresponding figure of MYR27.9m.