KUALA LUMPUR, June 29 — Sapura Energy Bhd posted a net loss of RM97.07 million in the first quarter (Q1) ended April 30, 2021, against a net profit of RM14.21 million in the same quarter last year.

In a filing with Bursa Malaysia today, the integrated oil and gas services company said the decrease was attributed mainly to the unfavourable effect of the US dollar exchange rate against the ringgit, as well as a lower share of profit from associates and joint ventures.

Revenue rose 8.4 per cent to RM1.47 billion during the quarter under review from RM1.36 billion previously, mainly attributable to the higher revenue from engineering and construction as well as drilling business segments, it said.

In a separate statement, group chief executive officer Datuk Mohd Anuar Taib said Sapura Energy has secured about 95 per cent of its targeted revenue for the financial year 2022 (FY2022) and expects the company to exceed the revenue posted in FY2021.

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“We are well-positioned to capitalise on the recovering energy industry, given the expected rebound in oil and gas demand.

“At the same time, we will continue to deepen our presence in the renewables sector to ensure we remain sustainable in the future,” he commented on the outlook.

The group’s orderbook stood at RM11.8 billion at the end of Q1 FY2022.

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The company’s total bids and prospects are currently valued at RM147 billion, with RM51 billion worth of tenders already submitted or in progress, including six active bids in the renewables sector across the Asia Pacific. — Bernama