Petrol One's Q2 profit more than halves on absence of forex gain

PETALING JAYA: Petrol One Resources Bhd saw its net profit slump by 54.25% to RM419,000 in the second quarter ended December 31,2017 from RM916,000 a year ago, due to the absence of large unrealised exchange profit, which was recorded in the preceding year's corresponding period.
Revenue rose 7.9% to RM3.2 million in the quarter under review from RM2.96 million in the previous year, due to an increase in straight supply vessel rate for one of its vessel.
The group's board of directors displayed a cautious outlook over the short and medium term based on the "prevailing sentiment" in the oil and gas industry in the region and country.
Meanwhile, its net profit for the cumulative period of six months plunged 95.2% to RM77,000 from RM1.62 million in the previous year, while revenue rose 11.7% to RM6.55 million from RM5.86 million.