Sapura Energy returns to black in 3Q, posts net profit of RM10.18mil

KUALA LUMPUR: Sapura Energy Bhd has recorded a net profit of RM10.18 million in the third quarter ended Oct 31, 2022 (Q3) compared with a net loss of RM669.34 million recorded in the same quarter a year ago.

The improvement in earnings was due to lower recognition of provision for foreseeable losses, lower project costs recognised, lower depreciation, higher share of profit from associates and joint-ventures (JV), and a favourable foreign exchange gain.