However, revenue fell by a quarter to MYR7.65bn in from MYR10.18bn previously.
For the current quarter ended 31 January 2017, revenue fell 19% to MYR1.81bn from MYR2.23bn previously and net losses narrowed to MYR172.9m from MYR1.29bn in the previous corresponding period, the company said in a stock market announcement.
Revenue from the engineering and construction segment MYR4.54bn fell 20% due to lower activities while segment pre-tax profit fell by half to MYR435.1m impacted by charges of MYR123m.
The key drilling segment saw revenue slide by almost a third to MYR2.02bn mainly due to some rigs coming off contract during the year. Segment pre-tax profit plunged 74% to MYR78.4m from MYR302.6m previously. Sapura Energy also took provisions of MYR160.9m in this segment.
In total Sapura Energy made impairments of MYR282.7m in this financial, a huge improvement from the more than MYR2bn hit it took previously.
President and group ceo Shahril Shamsuddin noted that the group continues to win jobs in Malaysia, India, Australia and the Americas as well as racked up notable wins in core market such as drilling in Brunei and renewal of the Pan-Malaysia T&I and IRM contracts.
"The group’s continuous commitment towards re-basing of costs and increasing operational efficiency will ensure we remain competitive in winning work globally. The challenging industry environment is expected to persist in the short term, but the group believes it will remain resilient," Shahril concluded.
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