4QFY09 results largely in line. FY09 net profit was in line with our expectation but below market consensus, accounting for 95% and 81% of our and market full-year estimates respectively. 4QFY09 marine revenue fell 26% yoy mainly due to: 1) declining charter rates (with average charter rates for the 10-12k HP AHTS having slipped 35% yoy to around US$1.70-1.80); and 2) lower utilisation rates (4Q utilisation rates of 60% vs. 70% in 4QFY08). However, on a qoq basis, 4Q revenue increased 9% on 4Q utilisation rates of 60% vs. 50% in 3QFY09. Higher qoq for marine margin due to higher utilisation rates as well as higher operating cost in 3QFY09 arising from mobilisation of newly-delivered Petra Ranger.
Petra Perdana Berhad : Dragged Down By Petra Energy - 01/03/2010
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