KUALA LUMPUR (June 27): Financially troubled Sapura Energy Bhd returned to the black in the first quarter ended April 30, 2022 (1QFY23) with a net profit of RM91.93 million, on the back of foreign exchange gains arising from the appreciation of the US dollar against the ringgit. In the preceding quarter, it had posted its biggest ever net loss of RM6.78 billion. In the same period last year, Sapura Enery had posted a net loss of RM97.08 million. Commenting on the group’s financial performance, Sapura Energy Group CEO Datuk Anuar Taib said the group is seeing the first green shoots of recovery, following the implementation of its reset plan. Shares in Sapura Energy finished unchanged at 4.5 sen on Monday, valuing the oil and gas service provider at RM647.15 million.

Source: The Edge Markets June 27, 2022 22:44 UTC