Sapura Energy goes into the red in third quarter

摘要

MALAYSIA'S Sapura Energy saw its third-quarter net loss widen to 100.89 million ringgit (US$24.25 million), reflecting a large volume of projects that are in their early execution phases, involving mainly engineering and procurement, with lower project margins. However, Sapura's finances improved over the nine months ended 31 October, three-quarters of the way through its 2020 financial year. Revenues were up 73% to 5.3 billion ringgit versus the first nine months of 2018 while the company's net loss narrowed by 33% to 326 million ringgit. Sapura's engineering and construction division recorded 93% year-on-year growth to 4.7 billion ringgit and pre-tax profit grew by 64% to 91 million.