One-off gain boosts Sapura Energy results

President and group chief executive officer Tan Sri Shahril Shamsuddin said the company aims to return to the black when the utilisation of its drilling and E&C business crosses the 70% mark.

PETALING JAYA: Sapura Energy Bhd posted its first net profit in six quarters thanks to a one-off gain from the disposal of a subsidiary that masked the tough operating condition faced by the company.

Net profit in the fourth quarter ended Jan 31 (4Q19) stood at RM500.4mil, boosted by a massive RM2.73bil gain from the sale of 50% stake in its exploration and production (E&P) business, through the strategic partnership with OMV.