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Results Note – Petra Energy (ADD, downgrade) - A disappointing set of results, downgrade to ADD




Affin Hwang Investment Bank Bhd


25 Feb 2013





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Weak FY12 core net profit but cashflow remains healthy Petra Energy reported a disappointing FY12 core net profit of RM1.5m, sharply lower than the RM24m reported for FY11 due to: (i) lower work done for Shell topside maintenance and HUC contract; (ii) weaker marine offshore support earnings; (iii) a cost overrun (RM3.1m) at its first subsea work under the Petronas Carigali HUC contract; (iv) settlement cost (RM3.6m) in relation to a legacy vessel chartering contract; and (v) settlement cost of final claims (RM2.9m) from a Felda fabrication & installation work. The group’s weak FY12 net profit is grossly below market and our expectations. Notwithstanding the weak profit, the group’s FY12 operating cashflow remained positive at RM60.3m (vs RM110.6m in FY11). Petra Energy has declared a single tier dividend of 1 sen for FY12 (vs 0.5 sen in FY11).

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