Perisai Petroleum Teknologi Bhd reported unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2018. For the quarter, the company reported revenue of MYR 29,361,000 compared to MYR 46,129,000 a year ago. Loss before tax was MYR 246,109,000 compared to MYR 60,275,000 a year ago. Loss attributable to owners of the company was MYR 244,524,000 compared to MYR 65,295,000 a year ago. Basic and diluted loss per share was 19.40 sen compared to basic and diluted earnings per share of 5.18 sen a year ago.

For the nine months, the company reported revenue of MYR 96,949,000 compared to MYR 123,311,000 a year ago. The decrease in revenue was mainly due to the expiry of the charter contract for the eight offshore support vessels in August 2017. Loss before tax was MYR 251,485,000 compared to MYR 345,618,000 a year ago. The lower LBT recorded was mainly due to surplus of MYR 79.80 million in other income arising from the deconsolidation of Perisai Pacific 102 (L) Inc, an indirect subsidiary of the company as a result of winding up by the Court as disclosed in Note B8(i) and lower operation cost as a result of cost reduction exercise despite higher finance cost and the expiry of the contract for the eight (8) offshore support vessels and Perisai Kamelia in August 2017 and May 2017 respectively. Loss attributable to owners of the company was MYR 245,917,000 or 19.51 sen per basic and diluted share compared to MYR 348,349,000 or 27.85 sen per basic and diluted share a year ago. Net cash generated from operating activities was MYR 28,336,000 compared to MYR 8,617,000 a year ago. The increase was mainly due to lower operating cost. Purchase of plant and equipment was MYR 8,000 compared to MYR 889,000 a year ago.

For the third quarter ended March 31, 2018, the company reported impairment loss on plant and equipment of MYR 208,694,000 compared to MYR 1,832,000 a year ago.