KUALA LUMPUR, June 29 ― Malaysia’s largest oil and gas services firm Sapura Energy Bhd today 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 RM135.7 million for the quarter-ended April versus a net profit of RM27.5 million in the same period a year ago, according to a stock exchange filing.
Revenue was RM1.05 billion, down from RM1.77 billion 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. ― Reuters
Source: The Malay Mail Online