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SapuraKencana profits plunge 77% on writedowns

SapuraKencana profits plunge 77% on writedowns
SapuraKencana Petroleum’s second quarter earnings fell 76.6% to MYR104.08m ($24.4m) from MYR445.79m a year ago due to provisions for impairment, it said in a stock market announcement.

The provision for impairment on oil and gas (O&G) properties came up to MYR539.9m and was meant to reflect the lower price of oil.

“Excluding provision for impairment on O&G properties of MYR539.9m in the current quarter, the group recorded profit before taxation of MYR601.0m, being an increase of MYR74.3m or 14.1% against MYR526.7m a year ago,” it said.

Revenue meanwhile rose 4% to MYR2.80bn from MYR2.69bn. “The increase in the current quarter revenue was mainly due to higher contribution from newly executed international projects from the E&C division, and additional contribution from new rigs which were not in operation in the corresponding quarter of the preceding year,” it said.