Quick take: Perdana Petroleum drops after company slipped into red in 2Q

August 23, 2019 editor Perdana Petroleum, Stock On The Move

KUALA LUMPUR: Shares in Perdana Petroleum Bhd fell as much as 4.4% in early trade Thursday after the company slipped into the red in the second quarter with a net loss of RM5.44mil.

The counter shed 1.47%, or 0.5 sen to 33.5 sen with over 2.87 million shares traded. In the past one year, the counter has risen some 71%.

Perdana Petroleum posted a net loss of RM5.44mil in the second quarter ended June 30, from a net profit of RM10.1mil a year ago due.

Its revenue for the quarter grew 32.06% to RM62.84mil from RM47.59mil.

In the first six-month to June 30, Perdana Petroleum’s net loss narrowed to RM38.38mil from RM56.56mil in the same period last year.

Revenue for the period rose 37.5% to RM88.54mil from RM64.3mil previously.

The group said it continues to face challenges in managing the funds and its cash flows as revenue dwindled in the fourth quarter of last year and the first quarter of this year, and the longer time it took for the funds from the private placement exercise to finalise.

Source: TheStar