PETALING JAYA: Perdana Petroleum Bhd’s net loss for the fourth quarter ended Dec 31, 2020 widened to RM18.53 million from a net loss of RM2.71 million a year ago after taken into account tax expenses amounting to RM0.4 million, deferred tax expense of RM300,000 and additional allowance for impairment loss on PPE of RM4.9 million as well as legal expenses of RM1.0 million, compared to a net realised/unrealised foreign exchange gain of RM1.5 million and the reversal of impairment loss on PPE of RM9.1 million in the fourth quarter of 2019.
Revenue fell 43% to RM36.23 million RM64.04 million mainly attributable to lower vessel utilisation at 41% as compared to 74% in the fourth quarter of 2019. This is a result of slower work orders/contracts being awarded from oil majors in the fourth quarter of 2020 arising from the adverse impact of Covid-19.
For the full year period, its net loss widened to RM65.83 million from a net loss of RM23.00 million a year ago taken into account tax expenses amounting to RM1.4 million and deferred tax expense of RM10.6 million, t an impairment loss on PPE of RM33.7 million as well as legal expenses of RM1.0 million, as compared to a reversal of impairment loss on PPE of RM11.9 million and a gain on bargain purchase of RM18.8 million arising from the acquisition of a new subsidiary in the preceding year.
Revenue fell 13% to RM208.35 million from RM240 million mainly due to lower vessel utilisation at 53% for the financial year ended Dec 31, 2020 as compared to 70% in the corresponding period ended Dec 31, 2019.
