Sapura slides into red

摘要

MALAYSIA'S Sapura Energy fell to a loss for the final quarter of the financial year, dragging the company into the red for the full 12-month period. Sapura posted a loss of 4.2 billion ringgit ($965.5 million) for the three months to 31 January, compared to a 497.5 million ringgit profit over the same quarter one year ago. Taking the company into the red was a more than 3 billion ringgit goodwill impairment and a provision for impairment on property, plant and equipment of 240.9 million ringgit due to the prolonged recovery expected as a result of the global coronavirus pandemic. It also booked another 438.8 million ringgit provision in anticipation of delays to current projects as a result of restricted movement and lock-down measures in multiple jurisdictions due to Covid-19.