KUALA LUMPUR (Aug 25): Petra Energy Bhd returned to the black in the second quarter ended June 30, 2017  with  a net profit of RM3.09 million compared with  a net loss of RM8.91 million a year earlier, on higher profit from its production and development segment.

The RM8.91 million loss previously was due mainly to an impairment on property, plant and equipment.

In a filing with the stock exchange today, Petra said quarterly revenue was up 22.42% at RM101.2 million from RM88.67 million previously on higher contribution from all segments.

The group's production and development segment recorded a profit of RM10.5 million from the share of an associate’s results.

The services segment posted a 22.4% increase in quarterly revenue but a pre-tax loss of RM3.7 million due to a difference in product-mix margins of revenue.

Meanwhile, the marine assets segment recorded 15.87% growth in revenue on higher vessel utilisation, leading to lower pre-tax loss.

For the first half of the year, Petra reported a net profit of RM8.38 million compared with a net loss of RM15.99 million a year ago on the back of the better earnings at its production and development segment.

The group said revenue for the six months fell to RM170.8 million from RM195.9 million in the previous corresponding period as the services segment saw lower activities in the hook up, commissioning, and top-side major maintenance contract with Petronas Carigali Sdn Bhd.

Petra said it would continue to manage costs, increase efficiency, and explore opportunities within the energy sector as market sentiment is expected to remain cautious.

Petra's share price rose 2 sen or 2.67% to 96 sen as at 4.20pm, giving it a market capitalisation of RM308.88 million.