KUALA LUMPUR (Nov 24): Petra Energy Bhd (KL:PENERGY) posted its third consecutive quarter of losses in the July-September period (3QFY2025) as asset dry-docking and low vessel utilisation continued to drag the performance of the upstream oil and gas services company.

Quarterly net loss came in at RM19.54 million, from a profit of RM30.79 million in the same quarter last year, as revenue fell 40% to RM80 million, from RM133.67 million.

However, service contract activities improved quarter-on-quarter, resulting in improved segment revenue compared with RM58 million recorded in 2QFY2025.  

It declared a dividend of one sen per share, with ex-date on Dec 30.

Oil price volatility, inflationary pressures and geopolitical tensions “have led to market volatility, prompting industry players to adopt a cautious stance”, said Petra Energy on its prospects.

The recent activity slowdown compared to a year ago affected the wider oil and gas services and equipment sector, although things are expected to improve in the coming quarters.

The group is the winner of four pan-Malaysia service contracts announced in January, including maintenance, construction and modification and hook-up and commissioning services in Sarawak.

However, mandatory dry docking of its mobile offshore production unit resulted in upstream production deferment, its filing said.

The latest quarter results dragged its nine-month performance to RM46.17 million in losses or 14.39 sen per share, from a net profit of RM57.96 million or 18.06 sen per share in 9MFY2024.

Cumulative revenue came in at RM244.22 million, down 41% from RM415.04 million last year.

FY2024 was a record year for Petra Energy in terms of net profit, with the group recording RM71.12 million in bottom line, on revenue of RM500.57 million.

Shares of Petra Energy closed at 70 sen, giving it a market capitalisation of RM225.22 million. The stock is down 47% this year.