petrol one resources bhd (PORB) Snapshot

Petrol One Resources Berhad reported unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2013. For the quarter, the company reported revenue of MYR 1,813,000 against MYR 7,401,000 for the same period in the last year. Loss before tax was MYR 25,843,000 against MYR 952,000 for the same period in the last year. The wider loss reported is mainly due to the transfer of a vessel owned by OPLL to asset held for sale following the appointment of a receiver and manager by Bank Muamalat and the write down of the book value of the vessel to the net realisable value of USD 14 million which resulted in an impairment loss of USD 7.438 million. Net loss attributable to equity holders of the company was MYR 19,674,000 or 38.72 sen per basic share against MYR 904,000 or 1.78 sen per basic share for the same period in the last year. The decrease in revenue is mainly due to lower income received due to the expiration of a short term charter agreement for the vessel owned by OPLL. For the nine months, the company reported revenue of MYR 16,059,000 against MYR 23,388,000 for the same period in the last year. Loss before tax was MYR 36,547,000 against profit before tax of MYR 3,789,000 for the same period in the last year. Net loss attributable to equity holders of the company was MYR 31,181,000 or 61.37 sen per basic share against net profit attributable to equity holders of the company of MYR 2,528,000 or 4.98 sen per basic share for the same period in the last year. Net cash generated from operating activities was MYR 12,191,000 against MYR 10,509,000 for the same period in the last year. Acquisition of plant and equipment was MYR 3,000 against MYR 1,309,000 for the same period in the last year.

Petrol One Resources Berhad appointed Wisun Soon as Independent & Non Executive Member of Audit Committee, effective from March 29, 2013. Presently he is working as Adviser or Director in various organizations and businesses and a Trustee in Malaysian Intellect Development Foundation. From 2004 to February 2012 he was Director, Investment Banking (also the Director/Head of Corporate Finance), KAF Investment Bank Berhad.

Petrol One Resources Berhad appointed Wisun Soon as Independent & Non Executive Non-Executive Director, effective from March 29, 2013. He present worked as Adviser or Director in various organizations and businesses and a Trustee in Malaysian Intellect Development Foundation.