PETALING JAYA: Perdana Petroleum Bhd’s net losses for the first quarter ended March 31 narrowed to RM13.9 million from a net loss of RM32.94 million reported in the same quarter of the previous year attributed to a higher vessel utilisation.
For the quarter, revenue stood at RM59.66 million, more than double from RM25.7 million reported previously.
Perdana pointed out that the quarter saw a high vessel utilisation of 64%, compared to 36% in the first quarter of 2019.
It noted that the challenges from the steep oil price and the Covid-19 pandemic, which resulted in a global recession, had negatively impacted its business.
Nevertheless, the group is hopeful that charter contracts will improve in 2H’20 as the government has gradually eased lockdown measures and oil price has recovered significantly from the lows in April 2020.
“We are cautiously optimistic that our streamlined operations and synergistic collaboration with the Dayang Group will continue to help us tide over the short-term challenges. In addition, our much improved capital structure will stand us in good stead to navigate beyond the current turmoil,” it said.
source https://www.thesundaily.my/business/perdana-petroleum-q1-losses-narrow-to-rm139m-EM2619565
No comments:
Post a Comment