KUALA LUMPUR (Aug 22): Perdana Petroleum Bhd posted a net profit of RM8.65 million for the second quarter ended June 30, 2023 (2QFY2023), compared with a net loss of of RM6.54 million a year earlier, on the back of higher utilisation rates for accommodation work barges with a better margin.

The return to profitability was also due to lower depreciation charges, and a reversal of impairment loss on receivables of RM1.7 million, said the offshore support vessel (OSV) operator in a filing to Bursa Malaysia.

The group registered earnings per share of 0.39 sen, versus a loss per share of 0.29 sen in 2QFY2022.

Quarterly revenue jumped 89% to RM81.64 million from RM43.18 million a year ago, thanks to higher vessel utilisation and improved daily charter rates (DCR) due to higher demand arising from an uptrend in offshore production operation activities.

The higher revenue was also driven by an improved revenue generated from ancillary vessel chartering services.

For the first six months of FY2023, Perdana posted a small net profit of RM389,000, compared with a net loss of RM20.54 million last year, on better margins from both vessel chartering and chargeable ancillary services, as well the RM1.7 million reversal of impairment loss.

Six-month revenue increased 54.56% to RM111.27 million from RM71.99 million previously, mainly driven by the improved daily charter rates, higher vessel utilisation rates and better revenue generated from ancillary vessel chartering services.

On prospects, Perdana Petroleum said that despite OSV markets witnessing higher utilisation and charter rates for the offshore chartering segment of the oil and gas industry in the first half of FY2023, the group remains “cautiously optimistic” due to the current geopolitical dynamics, US dollar and ringgit exchange rates, as well as rising inflation and interest rates.

“Moving forward, we will leverage our strengths and improved efficiency to remain sustainable and relevant in the long term,” it added.

Shares of Perdana Petroleum closed down half a sen or 2.63% at 18.5 sen on Tuesday (Aug 22), with a market capitalisation of RM399.66 million. Year to date, the counter has appreciated by 42.31%.