Perisai turns in $167m 2015 loss on impairments

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.