SapuraKencana posts drop in 3Q profit. Revenue rises
Malaysia’s SapuraKencana posted a rise in its revenue for third quarter 2015 of RM 2.9 billion ($674 million), up from RM 2.4 billion ($557.7 million) a year ago. The company’s net profit was around RM 130 million ($30.2 million), down from 348 million a year ago ($80.86 million).
Shahril Shamsuddin, President and the Group Chief Executive Officer said: “The industry continues to face pressures over the medium term due to weak oil prices and the resultant reduction in capital spending.”
He said that despite then downturn, the company’s services business continued to secure and deliver work in key markets such as Brazil, India, West Africa and Malaysia.
Shamsuddin added: “In our Energy segment, we are encouraged by the approval for our first gas field development, the B15 field in block SK 310 offshore Sarawak, Malaysia, where first gas is targeted for Q4 2017.
The approval of the development has marked the first step towards the commercialization of the company’s gas discoveries.
“The Group remains committed to continue to grow our orderbook, to optimize costs and to enhance efficiency to remain competitive and to position ourselves to navigate this current period of uncertainty,” Shamsuddin said.