Sapura Energy records net loss in Q3

KUALA LUMPUR, Dec 7 — Sapura Energy Bhd, Malaysia’s largest oil and gas services firm, today posted a net loss for its third-quarter earnings, hit by lower spending from the energy sector.

The company posted a net loss of RM 274.4 million for the quarter that ended in October, versus a net profit of RM 158.1 million in the corresponding quarter last year, according to a stock exchange filing.

Revenue stood at RM1.28 billion, versus RM2.22 billion last year, on lower contributions from its engineering segments, as well as its construction and drilling operations.

“Industry conditions continue to be challenging and the group’s current performance is a reflection of the prolonged low levels of capital spending within the industry,” the company said, adding that it expects similar conditions in the short- and medium-term.

Sapura Energy’s shares were down 2.5 per cent this afternoon, underperforming a slight rise in the benchmark index. — Reuters

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