KUALA LUMPUR (Nov 16): Perdana Petroleum Bhd turned the corner in its latest quarter results, with its strongest profit since 2019 on the back of increase in utilisation and charter rates of its offshore support vessels (OSVs).

Net profit more than tripled in the quarter ended Sept 30, 2022 (3QFY22) to RM11.41 million, from RM3.12 million a year ago, helped by higher vessel utilisation and lower depreciation charges.

Earnings per share rose to 0.51 sen, from 0.14 sen a year ago, Perdana Petroleum said, pointing to its strongest quarter since 3QFY19 when it made RM18.09 million or 2.32 sen per share.

Vessel utilisation in the quarter rose to 82% from 71% in 3QFY21, the offshore support vessel (OSV) operator said in its filing. Revenue rose 28% to RM69.43 million as a result, from RM54.17 million.

The group’s depreciation charges also came in lower at RM13 million from RM20.6 million, it added. On a quarter-on-quarter basis, vessel utilisation rate of 82% is higher than the 60% recorded in 2QFY22.

For the nine-month period ended Sept 30, 2022 (9MFY22), Perdana Petroleum's net loss narrowed to RM9.13 million or 0.14 sen per share from RM63.5 million or 2.87 sen per share in 9MFY21, on higher revenue, lower depreciation charges and reversal of impairment.

Revenue rose 29% to RM141.42 million from RM109.57 million, as vessel utilisation rate rose to 59% from 49%.

“Even though there is a rise in the utilisation and charter rates for the offshore chartering segment of the oil and gas industry in 2022, we are still cautiously optimistic given the uncertainty in the outlook due to the geo-political dynamics, coupled with the rising inflation and interest rates,” Perdana Petroleum said.

“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 traded unchanged at nine sen on Wednesday, giving it a market capitalisation of RM199.54 million.