♦ 2QFY10 results turn to losses. Despite having one of the lowest forecasts for the company in the market, we were nevertheless still surprised by the size of the operating loss in the 2Q. The operating loss was caused mainly by: 1) lease rental charges amounting to around RM20.2m incurred for five off-balance sheet vessels which were not working during the quarter; 2) mobilisation cost of RM5.9m for five new vessels that were delivered from May, including two 12k HP AHTS, two
workboats and one workbarge; and 3) higher repair and maintenance cost for old vessels. There was also a fair value adjustment of RM8.7m under FRS139. In total, 10 out of 23 vessels in the fleet were not working, including six old and four new vessels.
Petra Perdana Berhad : Troubles Continue - 26/08/2010
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