Sapura Energy's net loss for FY22 widens to RM8.9bil

KUALA LUMPUR: Sapura Energy Bhd’s net loss for the financial year ended January 31, 2022 (FY2022) widened to RM8.9 billion from RM160.87 million a year ago.

Revenue declined to RM4.13 billion from RM5.35 billion previously due to the lower percentage of completion recognised in the current year, resulting from recognition of foreseeable losses and higher project costs in the engineering and construction (E&C) business segment, it said in a filing with Bursa Malaysia today.