Malaysia's SapuraKencana 3Q Net Profit Falls 63%
KUALA LUMPUR, Dec 22 (Reuters) - SapuraKencana Petroleum Bhd , Malaysia's biggest oil and gas services company, posted a 62.7 percent fall in third-quarter net profit on provision for impairment on property, plant and equipment, and oil and gas properties.
The company's net profit in August-October was 129.9 million ringgit ($30.2 million), down from 348.4 million ringgit a year earlier, according to a filing on the local bourse.
Revenue rose 19.9 percent to 2.89 billion ringgit.
SapuraKencana said in a press statement that it expects the industry to face pressure from weak oil prices and lower capital spending by producers.
"The board anticipates the challenging environment to persist over the medium term but is confident the group has the fundamentals necessary to navigate through this period," the company said in the filing on Tuesday.
The counter was at 1.7 ringgit at midday break, prior to the earnings announcement. The benchmark index rose 0.33 percent.
(Reporting by Rozanna Latiff; Editing by Anand Basu)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- SapuraKencana: Short-Term Industry Outlook Uncertain (Dec 08)
- Malaysia's SapuraKencana Posts 7.1% Gain in 2Q FY17 PAT to $27M (Sep 29)
- SKTLO Bags $65.3M Contracts for Work Offshore Malaysia, Vietnam (Sep 01)