PETALING JAYA: Local oil and gas (O&G) players may be in for contrasting fortunes this year in spite of the steady rise in oil prices and outflow of contracts by Petroliam Nasional Bhd (Petronas).

Two companies that kicked off 2019 on opposite ends of the spectrum are Velesto Energy Bhd and Dayang Enterprise Holdings Bhd .

Velesto posted a net loss of RM22.22mil in its first quarter ended March 31, compared with a net profit of RM5.02mil in the previous corresponding period, mainly due to a net foreign-exchange gain of RM18.2mil a year earlier that had resulted from the early settlement of revolving credit.

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