Malaysia's Sapura Energy Makes First-Quarter Loss


KUALA LUMPUR, June 29 (Reuters) - Malaysia's largest oil and gas services firm Sapura Energy Bhd on Friday reported a loss in the first quarter, on the back of lower revenues from its engineering and construction, and drilling businesses.

Sapura Energy made a net loss of 135.7 million ringgit ($33.61 million) for the quarter-ended April versus a net profit of 27.5 million ringgit in the same period a year ago, according to a stock exchange filing.

Revenue was 1.05 billion ringgit, down from 1.77 billion ringgit a year ago.

Sapura Energy, which has made losses for three consecutive quarters, said it aims to strengthening its financial position, and is looking at several options, such as a potential listing of its exploration and production arm and a possible capital raising exercise.

The company had said in January it was evaluating a potential listing of its exploration and production arm.

It said it remained optimistic that the gradual recovery in the industry would improve the medium-to-long term prospects for the group.

($1 = 4.0380 ringgit) (Reporting by Emily Chow. Editing by Jane Merriman)


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.