June 29, 2018 / 11:50 AM / 18 days ago

Malaysia's Sapura Energy makes first-quarter loss

KUALA LUMPUR, June 29 (Reuters) - Malaysia’s largest oil and gas services firm Sapura Energy Bhd on Friday reported a loss in the first quarter, on the back of lower revenues from its engineering and construction, and drilling businesses.

Sapura Energy made a net loss of 135.7 million ringgit ($33.61 million) for the quarter-ended April versus a net profit of 27.5 million ringgit in the same period a year ago, according to a stock exchange filing.

Revenue was 1.05 billion ringgit, down from 1.77 billion ringgit a year ago.

Sapura Energy, which has made losses for three consecutive quarters, said it aims to strengthening its financial position, and is looking at several options, such as a potential listing of its exploration and production arm and a possible capital raising exercise.

The company had said in January it was evaluating a potential listing of its exploration and production arm.

It said it remained optimistic that the gradual recovery in the industry would improve the medium-to-long term prospects for the group. ($1 = 4.0380 ringgit) (Reporting by Emily Chow. Editing by Jane Merriman)

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