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Petra Energy Q2 profits nearly double to $3.5m

Petra Energy Q2 profits nearly double to $3.5m
Smallish Malaysian offshore services contractor Petra Energy saw second quarter earnings rise 85% to MYR14.9m ($3.5m) from MYR8.1m previously on a big revenue bump from a Petronas Carigali contract.

Revenue rose 29% to MYR164.7m from MYR127.4m in the previous corresponding quarter. The services segment in particular saw a 29% rise in revenue to MYR164.6m  due to higher contributions from the hook up, commissioning and top-side major maintenance contract from Petronas Carigali in line with the scheduled activities executed during the quarter. This resulted in a pre-tax profit of MYR14.5m compared to MYR10.1m a year ago.

Petra Energy's marine assets division also posted good revenue gains of MYR8.3m compared to MYR1.4m a year ago, while pre-tax profit rose to MYR3.3m from MYR1.1m previously. However, its results were affected by the higher depreciation charged in the second quarter due to capitalization of dry docking costs. Meanwhile first half earnings rose 87% to MYR17.0m from MYR9.1m while revenue rose 16% to MYR283.7m from MYR244.0m.