Sapura Energy continues to fall as investors fret over Q3 results

  • Business
  • Friday, 08 Dec 2017

KUALA LUMPUR: Shares of SAPURA ENERGY BHD fell 12% in early trade on Friday after the company reported a wider-than-expected loss in the third quarter ended Oct 31.

The counter fell 12.5 sen, or 12.95% to 84 sen to a record low. It is currently the most active stocks with more than 90 million shares traded. It has fallen about 34% from Monday’s close of RM1.28.

Sapura Energy posted a net loss of RM274mil in the three months ended Oct 31 as revenue slumped 40% amid a slowdown at its engineering, construction and drilling businesses.

This is the group’s first quarterly losses for the fiscal period ending Jan 31, 2018 (FY18), but the worst in 18 months.

The dismal performance in the third quarter pushed Sapura Energy deep into the red with a loss RM218mil for the nine-month period.

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