Sapura Energy returns to the black in 1Q

“We are seeing the first green shoots of recovery following the implementation of our Reset Plan,” said Sapura Energy Group CEO Datuk Mohd Anuar Taib

KUALA LUMPUR: Sapura Energy Bhd returned to a profit after five quarters of losses helped by approved commercial settlements and foreign-exchange (forex) gains following the strengthening of the US dollar.

The cash-strapped oil and gas-related support services provider posted earnings of RM91.9mil in the first quarter ended April 30 (1Q23) as compared to a net loss of RM97mil it suffered for the same period a year ago, after booking a net forex gain of RM175.91mil in the period as compared to a net forex loss of RM42.69mil it reported in the same quarter a year ago.