Sapura posts RM274m net loss

KUALA LUMPUR: Offshore service provider Sapura Energy Bhd has slipped into the red with a net loss of RM274.4 million in its third quarter ended October 31 this year, compared with a RM158 million net profit in the same quarter last year.

Revenue slipped to RM1.27 billion versus RM2.22 billion previously, said the company in its latest stock filing with Bursa Malaysia.

President and the group chief executive officer Tan Sri Shahril Shamsuddin said despite the loss, Sapura would continue to focus on executing existing projects in Southeast Asia, India, Turkey and Brazil.

“In our exploration and production business, we have completed the SK310 B15 gas field development. This demonstrates the capabilities of our team to deliver projects on schedule and within budget.

“We are confident that commencement of the SK310 B15 project and the development opportunities presented by the significant discoveries in SK408 gas field will provide us long-term financial visibility,” he said in a statement.

The loss was due to lower revenue from its engineering, construction and drilling business segments and lower contribution from joint ventures due to the loss on the disposal of its vessel by SapuraAcergy, amounting to RM46.1 million.

For the cumulative nine-month period, Sapura’s revenue amounted to RM4.7 billion, compared with RM5.83 billion previously. Zarina Zakariah