Leaner Sapura Energy hopes for FY20 revival
Stephanie Jacob | 12 Apr 2019 00:30
Sapura Energy Bhd ended Jan 31, 2019 (FY19) in the black with a net profit of RM207.5 mil versus a net loss of RM2.5 bil in the previous year.
However, the return to profitability was driven by one-off gains which means the oil and gas player actually saw a core loss of about RM945 mil, according to analysts.
Nonetheless, the company believes the tide is changing for them, buoyed by a recovering industry and strong orderbook, which should lead to better utilisation of its assets.
Sapura Energy notes that its orderbook has been growing and is up 15% year-on-year as at end FY19.
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