For the current quarter ended 31 December 2021, Perdana Petroleum has recorded a revenue of RM51.0 million and a loss before tax of RM258.1 million, as compared to revenue of RM36.2 million and a loss before tax of RM17.8 million in the fourth quarter of 2020.
The increase in revenue in the current quarter is mainly attributable to a higher vessel utilisation rate at 51% as compared to 41% in the fourth quarter of 2020. The loss before tax of RM258.1 million in the current quarter is arrived at, after taking into account a net realized/unrealized foreign exchange gain of RM0.4 million, an allowance for impairment loss on trade receivables of RM10.4 million as well as an impairment loss on PPE of RM189.1 million compared to an impairment loss on PPE of RM4.9 million and legal expenses of RM1 million that has been provided in the corresponding quarter of 2020. The loss after tax in the current quarter has taken into account income tax expenses amounting to RM0.5 million and deferred tax expense of RM3.1 million.
For the financial year ended 31 December 2021, the Group recorded lower revenue of RM160.6 million and a higher loss before tax of RM321.1 million, as compared to revenue of RM208.3 million and a loss before tax of RM53.9 million for the corresponding year ended 31 December 2020.
The decrease in revenue is mainly due to lower vessel utilisation at 49% for the financial year ended 31 December 2021 as compared to 53% in the corresponding year ended 31 December
The lower vessel utilisation is a result of slower work orders/contracts awarded from the oil majors. In arriving at the loss before tax, the Group has made an impairment loss on PPE of RM219.1 million, an allowance for impairment loss on trade receivables of RM10.4 million as well as net realised/unrealised foreign exchange loss of RM3.8 million, as compared to an impairment loss on PPE of RM33.7 million and legal expenses of RM1.0 million provided in the preceding year. The loss after tax in the current year has taken into account income tax expenses amounting to
approximately RM1.0 million and deferred tax expense of RM3.1 million.
The Group recorded lower revenue of RM51.0 million and a loss before tax of RM258.1 million in the current quarter, as compared to revenue of RM54.2 million and a profit before tax of RM3.3 million in the preceding quarter.
The slight decrease in revenue in the current quarter is mainly due to a decrease in vessel utilisation at 51% as compared to 71% in the third quarter of 2021. In addition, the loss before tax in the current quarter has taken into account a net realised/unrealised foreign exchange gain of RM0.4 million, an allowance for impairment loss on
trade receivables of RM10.4 million as well as an impairment loss on PPE of RM189.1 million, as compared to a net realised/unrealised foreign exchange loss of RM1.0 million in the preceding quarter. The loss after tax in the current quarter has taken into account income tax expenses amounting to approximately RM0.5 million and deferred tax expense of RM3.1 million.
Despite registering substantial impairment loss on property, plant, and equipment of RM219.1 million, which is noncash in nature, the Group managed to register earnings before interest, tax, depreciation, and amortisation of RM32.9 million. The total assets of the Group stood at RM839.6 million, with a net tangible assets position of RM529.3 million. The Group, which is currently looking at fleet renewal to take advantage of the potential upside in off-shore
construction and maintenance projects to be undertaken by oil majors and as an avenue for growth in the future remains cautiously optimistic that it will post better results in the coming years.
Going forward, the group is of the opinion that the industry has weathered the most challenging 2 years in its history and the rebound of the crude oil price to a more sustainable level can lead to a healthier outlook of the oil and gas industry in the coming months, at levels reasonably high enough to spur oil majors to undertake their planned capital expenditure.
