KUALA LUMPUR: Drilling company Velesto Energy Bhd
booked in nearly half a billion ringgit in losses after it made RM460mil impairment for its rig assets in the last quarter.
The company blamed volatile oil prices and the impact of the Covid-19 pandemic for its losses.
"Due to the slow pace of recovery in global economy and the oil and gas industry, the Board is of the opinion that the financial performance for 2021 will continue to be challenging," Velesto said in a filing with Bursa Malaysia today.
For the three-month ended Dec 31, the company registered a loss of RM493mil on revenue of RM99mil.
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