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Velesto Energy's Profit Drops in Q1

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Velesto Energy (KLSE:VELESTO) profit after tax fell to 28 million ringgit in the first quarter from 53 million ringgit a year earlier, according to a Tuesday Malaysian bourse filing.

Shares slid about 2% in Wednesday's midday trade.

Revenue also dropped to 183 million ringgit from 225 million ringgit, even as operational utilization improved to 75% from 67% in the same period last year. However, lower average daily charter rates of $108,000 weighed on overall performance.

EBITDA also eased to 82 million ringgit from 113 million ringgit, previously, the filing said.

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