Perdana Petroleum Bhd achieved a turnaround with a net profit of RM8.65 million in Q2 FY2023 from a RM6.54 million net loss last year.
The counter reached an intraday high of 24 sen during the afternoon session from yesterday’s closing price of 18.5 sen. This marked its highest level since March 2020, before settling at 23.5 sen at the close for a gain of 27.03% or 5 sen.It was also the most actively traded counter on Bursa Malaysia as its trading volume surged to 202.52 million shares, nearly 22 times higher than its 200-day average volume of 9.3 million shares.
The quarterly earnings upswing was attributed to increased utilisation rates of accommodation work barges, yielding improved profit margins, reduced depreciation expenses, and the recovery of an impairment loss totalling RM1.7 million on receivables.