Stock Name: PENERGY
Company Name: PETRA ENERGY BHD
RHB Research has lowered its forecast on Petra Energy Bhd's 2013-2014 earnings by 15 per cent and 5.6 per cent, respectively, given the group's lower-than-expected net profit.
Petra Energy's RM2.2 million net profit for the first quarter ended March 31, 2013 accounted for only eight per cent of RHB Research's full-year projection.
For the first quarter, the group posted RM92.4 million revnue, down 29.6 per cent year-on-year on weaker-than-expected contributions from its main business segments.
Its integrated brown field maintenance and engineering division's revenue plunged 30.7 per cent year-on-year due to lower utilisation of vessels, resulting in a pre-tax loss of RM7.3 million versus RM3.1 million pre-tax profit in the same period last year.
RHB Research maintained 'neutral' call with a target price of RM1.95.-- Bernama
Company Name: PETRA ENERGY BHD
| Research House: RHB | Price Call: HOLD | Target Price: 1.95 |
RHB Research has lowered its forecast on Petra Energy Bhd's 2013-2014 earnings by 15 per cent and 5.6 per cent, respectively, given the group's lower-than-expected net profit.
Petra Energy's RM2.2 million net profit for the first quarter ended March 31, 2013 accounted for only eight per cent of RHB Research's full-year projection.
For the first quarter, the group posted RM92.4 million revnue, down 29.6 per cent year-on-year on weaker-than-expected contributions from its main business segments.
Its integrated brown field maintenance and engineering division's revenue plunged 30.7 per cent year-on-year due to lower utilisation of vessels, resulting in a pre-tax loss of RM7.3 million versus RM3.1 million pre-tax profit in the same period last year.
RHB Research maintained 'neutral' call with a target price of RM1.95.-- Bernama
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