SapuraKencana Posts Pre-Tax Loss Of RM712 Million For FY2016
25 Mar 2016

KUALA LUMPUR, March 25 (Bernama) -- SapuraKencana Petroleum Bhd (SapuraKencana) posted a pre-tax loss of RM712.64 million for the financial year ended Jan 31, 2016 against a pre-tax profit of RM1.62 billion recorded in the corresponding period last year.

Revenue improved 2.4 per cent to RM10.18 billion during the period under review from RM9.94 billion, previously.

The company attributed the better performance to higher revenue from international projects executed during the year.

SapuraKencana said, the pre-tax loss was attributable to provision of impairment for property, plant and equipment and, oil and gas properties amounting to RM1.7 billion.

The group said, for the year under review, the group's cash flow stood at RM1.95 billion compared with RM1.26 billion recorded in the previous year.

In a separate statement, SapuraKencana said its current order book stood at RM21.3 billion.

President and Group Chief Executive Officer Tan Sri Shahril Shamsuddin said the group generated strong operational performance in FY2016 across all business segments.

"Looking ahead, we still anticipate pressure on our margins in the near term but remain confident in our ability to deliver fit-for-purpose solutions for our customers," he said.

Shahril said that SapuraKencana would continue to manage the current industry pressures through aggressive implementation of its initiatives to reset costs to match the low oil price environment.

"We will continue to strengthen key capabilities and ensure our cost base is competitive in a US$30 per tonne oil price environment with the embedded agility to benefit as the industry recovers," he added.


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