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KUALA LUMPUR, June 27 (Bernama) -- Sapura Energy Bhd posted a net profit of RM91.93 million in the first quarter (Q1) ended April 30, 2022 against a net loss of RM97.07 million in the same period last year, mainly due to foreign exchange gain arising from the appreciation of US dollar against the ringgit.
In a filing with Bursa Malaysia today, the integrated oil and gas services company said its revenue, however, fell 39.7 per cent to RM886.08 million from RM1.47 billion a year ago.
“The lower revenue is primarily due to lower project activities from the engineering and construction segment in the current quarter,” the company said.
Sapura Energy said as part of its holistic restructuring plan -- its reset plan -- the group has embarked on a series of negotiations with clients for amicable solutions to ensure project delivery, the company said separately in a media release.
Its profit after tax and minority interests (PATAMI) in Q1 FY2023 was mainly derived from such ongoing efforts, having materialised through approved commercial settlements and favourable foreign exchange gains following the strengthening of the US dollar.
Sapura Energy Group chief executive officer Datuk Mohd Anuar Taib said the group is seeing the first green shoots of recovery, following the implementation of its reset plan.
“We still have significant hurdles to overcome before we can sustain this encouraging momentum,” he said.
Sapura Energy is currently classified as a PN17 company and a regularisation plan, based on the group’s reset plan initiated in December 2021, is currently being formulated.
“Delivering our reset plan becomes more important than ever as it is our route to a stable platform for the group, enabling us to exit the PN17 status and grow in the near future,” Mohd Anuar explained.
The group will continue to execute project activities for the rest of the year; it has more than 50 ongoing projects across its business segments.
Several major projects commenced in Q2 FY2023, including offshore installation and drilling campaigns in Peninsular Malaysia, Trinidad and Tobago, and Gabon in Africa.
“The group is also improving its project profitability through continuous improvements in management discipline, underpinned by stronger contract and cost management to protect margins,” it added.
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