Malaysia’s Sapura Energy records net $67.24 million loss in Q3

Sapura Energy Bhd, Malaysia’s largest oil and gasoline companies agency, on Thursday posted a net loss for its third-quarter earnings, hit by decrease spending from the vitality sector.

The corporate posted a net loss of 274.four million ringgit ($67.24 million) for the quarter that ended in October, versus a net revenue of 158.1 million ringgit in the corresponding quarter final 12 months, in line with a inventory trade submitting.

Income stood at 1.28 billion ringgit, versus 2.22 billion ringgit final 12 months, on decrease contributions from its engineering segments, in addition to its development and drilling operations.

“Business situations proceed to be difficult and the group’s present efficiency is a mirrored image of the extended low ranges of capital spending throughout the business,” the corporate mentioned, including that it expects related situations in the short- and medium-term.

Sapura Energy’s shares have been down 2.5 % on Thursday afternoon, underperforming a slight rise in the benchmark index .

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