KUALA LUMPUR: Sapura Energy Bhd narrowed its losses in the first quarter ended April 30, as revenue almost doubled on higher contribution from its engineering and construction business.
Net loss during the three-month period was RM109mil compared with a net loss of RM135mil registered in the same quarter last year. Revenue climbed 93% to RM1.6bil, it said in a filing with Bursa Malaysia today.
"The group will remain focused on growing the orderbook and maintaining strong operational performance," it said.
So far in its current financial year, Sapura Energy has secured RM2.3bil worth on new contract to lift its orderbook to RM17.3bil.
This includes the company's first offshore wind farm project, located in Taiwan.
Our maiden award for the installation of offshore wind farm marks a strategic value proposition for the group in diversifying its capabilities and the use of its strategic assets for a growing renewable energy market," it said.
The company, in a separate statement today, it has secured 10 new contracts, including the wind farm installation job, worth a combined RM1bil.
The group's engineering and construction division contributed revenue of RM1.4bil during the quarter.
"The oil and gas industry is expected to continue to operate in a challenging environment arising from market uncertainties and geopolitical risks," Sapura Energy said.
"However, tendering activities remained robust in many of our key markets with the group aggressively pursuing new opportunities in the Middle East, Africa, Asia Pacific, Europe, the Caspian and the Americas," it added.
Read more at https://www.thestar.com.my/business/business-news/2019/06/27/sapura-energy-narrows-losses-in-q1/#G7UU4Mb40akRHrGl.99
