For the financial year ended Dec 31, 2010, it reported net loss of RM71.46 million versus net profit of RM29.32 million. Its revenue fell to RM254.88 million from RM605.68 million.In a research note, OSK Research said Petra Perdana Bhd’s FY10 results were below expectations due to low vessel utilisation and charter rates as well as an impairment loss of RM7.7 million.
“We believe 2010 is a ‘washout’ year for the company and expect it to gradually recover. Maintain Buy,” it said.