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Sapura Energy narrows net losses to RM31m in Q3, order book RM18.6b - Business News

News Summed Up 2018-12-06 05:30:00

Its revenue rose by 17% to RM1.50bil from RM1.28bil a year ago. Loss per share was 0.52 sen compared with 4.62 sen.It attributed the better performance mainly due to higher revenue from its engineering and construction (E&C) as well as exploration and production (E&P) business segments.“Increased E&C activities during the quarter saw a rise in revenue by 17% to RM959.8mil from RM822.3mil. The business segment's revenue rose by 43% to RM296.2mil from RM207.7mil due to higher production liftings and the effects of the higher average realised oil and gas prices achieved.Sapura Energy president and group CEO Tan Sri Shahril Shamsuddin said: “The improved results indicate the Group’s initial signs of a turnaround. The LTA programme will be for a period of six years with options for extensions.For the nine months ended Oct 31, 2018, its net losses were still larger at RM292.88mil compared with the losses of RM217.94mil in the previous corresponding period due to larger losses in the earlier two quarters. Its revenue declined to RM3.81bil from RM4.70bil.