Perisai Petroleum Teknologi Bhd reported earnings results for the fourth quarter ended December 31, 2016. For the quarter, the company reported net profit of MYR 10.25 million against net loss of MYR 724.58 million a year ago, mainly due to lower impairment losses. Pre-tax profit was MYR 17.65 million against a pre-tax loss of MYR 660.23 million previously. Revenue declined to MYR 38.27 million from MYR 55.25 million. Earnings per share attributable to owners of the company from continuing operations were MYR 1.00 per basic and diluted share compared to LPS of MYR 55.6 per diluted share.

For the year, the company reduced its pre-tax loss to MYR 238.0 million from a pre-tax loss of MYR 601.90 million in fiscal year 2015. The group attributed this mainly to higher provision for impairment on plant and equipment and provision for impairment on pre-payment at consolidated level in fiscal year 2015. Revenue during the period under review eased to MYR 185.15 million from MYR 214.78 million previously. The decrease in revenue was mainly due to a 12-month discount given on the charter rate for Perisai Pacific 101 in fiscal year 2016 against 10 months in the previous financial period due to a significant drop in oil prices. Loss per share attributable to owners of the company continuing operations were MYR 19.94 per basic and diluted share compared to MYR 51.91 per diluted share. Net cash generated from operating activities was MYR 30,991,000 compared to MYR 43,730,000 a year ago. Purchase of plant and equipment was MYR 1,756,000 compared to MYR 2,565,000 a year ago. Net assets per share attributable to owners of the parent was MYR 0.34 compared to MYR 0.56 a year ago.

For the quarter, Impairment loss on plant and equipment was MYR 1,383,000 compared to MYR 218,765,000 a year ago.