1QFY12/10 results largely in line. 1QFY12/10 core net profit of RM3.6m (-11% qoq, -77% yoy), accounted for 15% and 7% of our fullyear forecast and market consensus. However, we consider the results to be largely in line as we expect stronger quarters ahead stemming from the delivery of seven vessels (four AHTS, three workbarge) for the Jun-Dec 2010 period. 1QFY12/10 marine revenue fell 16% 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 (1Q utilisation rates of 60% vs. 75% in 1QFY12/09).
4Q revenue was flat on a qoq basis given 4QFY12/09 utilisation rates of around 60%. Lower qoq for marine margin due to higher operating cost in 1QFY10 arising from mobilisation of newly-delivered Petra Sovereign.
Petra Perdana Berhad : No Surprises - 31/5/2010
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