KUCHING: Petra Energy Bhd has sunk into the red with group net loss of RM19.54 million in third quarter to September 30, 2025 (3Q2025), a reversal from profit of RM30.8 million a year ago due mainly to the pre-tax loss of RM15.3 million incurred by the upstream segment because of production deferment from planned mandatory dry docking of the mobile offshore production unit (MOPU).
Another factor affecting the group earnings was the weak marine vessels’ utilisation rate because of the slowdown of activities in the oil & gas industry.
Group revenue plunged to about RM80 million from RM133.7 million during the same period.
The company recorded losses per share of 6.09sen against earnings per share of 9,59sen previously.
The company has declared an interim dividend of 1sen versus 4sen a year ago. In the current quarter under review, the services segment generated lower revenue of RM41.48 million (3Q2024:RM51.1 million) whereas the marine assets segment saw its revenue sharply down to RM38.47 million (RM82.57 million).
The services segment is involved in integrated brownfield and offshore marine services that comprises hook-up and commissioning, maintenance, construction and modification project management, procurement and logistics, engineering, operations and maintenance, oil field optimisation as well as equipment, packaging and manufacturing.
The marine assets segment is engaged in the charter of marine vessels. The group owns and operates three accommodation and work barges, four workboats, one anchor handling tug supply (AHTS) vessels and one MOPU to support is operations.
Petra Energy said the drop in revenue of the services segment was due to a decline in its clients’ activities. Despite lower turnover, the segment had recorded higher pre-tax profit of RM5 million (3Q2024:RM3.6 million). The sharp drop in the marine assets segment revenue was due to weak vessel utilisation rate. This dragged down its pre-tax profit to RM5 million (RM36.5 million).
The upstream segment did not record any revenue in the current quarter. In the immediate preceding quarter (2Q2025), Petra Energy incurred lower pre-tax loss of RM10.9 million on revenue of RM80 million.
During the January-September 2025 period (9m2025), Petra Energy reported group net loss of RM46.2 million against profit of RM58 million in 9m2024 as revenue shrank to RM244.2 million from RM415 million.
The services segment recorded revenue of RM108.4 million (9m2024:RM229.8 million) in view of decrease in clients’ activities, impacting heavily on its pre-tax profit which slumped to RM10.6 million (RM23 million), Petra Energy said in explanatory notes to its financial results.
The marine assets segment posted sharply lower turnover of RM142.7 million (RM360.2 million) due to lower vessel utilisation.
This had resulted in the segment to incur pre-tax loss of RM18.4 million (+RM66.1 million). In 9m2025, the upstream segment registered revenue of RM81.8 million from crude oil sales in January.
“The segment recorded loss before taxation of RM11.6 million from the above sale of which being offset against its operating expenditure due to production deferment attributed from planned mandatory dry docking of the MOPU,” said the company. Commenting on prospects, Petra Energy said: “The global economic environment remains uncertain, driven by geopolitical tensions, inflationary pressures, and volatile oil prices.
“These conditions have led to market volatility, prompting industry players to adopt a cautious stance and strategies. The group continues to act prudently while staying alert to emerging opportunities.”
