Kuala lumpur: Perdana Petroleum Bhd's net profit for the third quarter ended September 30, 2025, decreased to RM41.69 million from RM75.80 million in the same period last year. According to BERNAMA News Agency, the company stated in a Bursa Malaysia filing that revenue also fell to RM109.96 million from RM127.25 million previously. This decline was due to a significant reduction in third-party vessel chartering income, which dropped to RM13.4 million from RM29.1 million. The decrease was attributed to the reduced availability of third-party vessels, as many were relocated to regions with more favorable daily charter rates. The company noted that a lower vessel utilization rate, which was 75 percent compared to 78 percent previously, also impacted revenue. However, these declines were partially offset by an increase in ancillary income, primarily from higher contributions from catering services. For the nine-month period, Perdana Petroleum's net profit decreased to RM57.90 million from RM116.58 million a y ear earlier, with revenue falling to RM230.77 million from RM351.06 million. The company commented on its prospects, stating that Malaysia's upstream oil and gas activities have experienced a slower-than-expected pace this year, largely due to delays in the commencement of several long-term contracts. Despite this, the demand for offshore support vessel services has remained resilient, supported by platform support operations. Perdana Petroleum highlighted challenges in the domestic energy landscape, including cost pressures, increased environmental, social, and governance scrutiny, and operational risks. The operating environment is marked by sustained rate compression, volatile foreign exchange movements, and geopolitical uncertainties affecting client spending patterns and contract timelines. Managing Director Jamalludin Obeng emphasized the company's commitment to enhancing operational efficiency, strengthening cost management, and maintaining asset readiness to remain competitive in a challenging marke t. He noted that while near-term challenges persist, the limited number of newbuilds and tight vessel supply continue to provide structural support to the sector. The focus is on long-term sustainability through disciplined operations, cost optimization, and consistent value creation for stakeholders.