Malaysian Sapura Narrows Q1 Loss

Malaysian Sapura Energy said June 27 it has narrowed its net loss for the three months to April (Q1 2020) owing to higher revenue in engineering and construction business.

Sapura’s net loss in Q1 was ringgit 109mn ($26mn) compared with a net loss of ringgit 135.7mn in the same quarter last year. Revenue climbed 93% to ringgit 1.6bn, it said.

“We are pleased that the corporate exercises we undertook have materialised, bringing positive effects to the group’s financials,” CEO Tan Sri Shahril Shamsuddin said.

Sapura’s engineering and construction segment returned to profitability on a revenue of ringgit 1.4bn, which was ringgit 737.2mn higher than the revenue of ringgit 665.6mn in Q1 2019. The segment recorded a 32% higher operating profit of ringgit 48mn for the quarter, compared with ringgit 36.5mn in Q1 2019.

Meanwhile, in a separate statement Sapura said its subsidiaries have been awarded contracts and contract extension with a combined value of approximately ringgit 1bn.