Malaysia's Sapura Energy Swings to a Loss in Fiscal Third Quarter
By Yantoultra Ngui
KUALA LUMPUR, Malaysia--Sapura Energy Bhd. (5218.KU), Malaysia's largest oil-and-gas services firm by market value, said Thursday it slipped into the red in its fiscal third quarter with a net loss of 274.41 million ringgit ($67.22 million), compared with a net profit of MYR158.06 million a year ago.
Revenue in the August-October period declined 42.4% to MYR1.28 billion from MYR2.22 billion a year earlier.
In a note accompanying its financial statement, the company said industry conditions continue to be challenging and its current performance is a reflection of the prolonged low levels of capital spending within the industry.
Sapura Energy said its board anticipates the challenging environment to persist in the short and medium term.
"However, the board is currently considering various strategic and operational plans to mitigate the impact and improve the competitive position of the group," it said.
The stock ended the midday break 2.5% lower at MYR1.18 prior to the earnings release.
Write to Yantoultra Ngui at Yantoultra.Ngui@wsj.com.
(END) Dow Jones Newswires
December 07, 2017 01:12 ET (06:12 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.