Malaysia's SapuraKencana 3Q Net Profit Falls 63%

Reuters

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)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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