KUALA LUMPUR: OSK Research said it recently visited Petra Perdana and concluded that the worst for the company should be over.

The research house said on Monday, Dec 6 that Petra Perdana's share price hit the lowest point of 73.5 sen recently and it believes that it has hit bottom.

"The company has successfully completed its 3:8 RI exercise, which had been view negatively by some investors. Also, we believe there is unlikely to be a further downgrade by MARC on its RM800 million dual currency revolving facility in the immediate term since the rating was done just recently.

"Finally, we think the 2QFY10 quarter was possibly the worst for the company when it reported a net loss of RM33 million, which it managed to improve its performance in 3QFY10 by narrowing the loss by 28% q-o-q," it said.