SapuraKencana Takes 49 Pct Profit Hit

SapuraKencana Petroleum has seen its profits slide almost 49% for the first quarter ended April 30, 2015, on lower revenue caused by decline in energy division and market slowdown.

The company generated 7,6% lower revenues of approximately $602 million, or 2.26 billion ringgit, down from $650 million, or 2.44 billion ringgit from the year-ago quarter.

Net profit for the quarter was at 260.7 million ringgit or $69.3 million, a drop from 509.4 million ringgit or $135.7 million in the prior-year quarter.

“The global oil and gas industry continues to face pressure driven by the uncertainty in crude oil prices.┬áIn response, a majority of producers have resorted to reducing capital expenditure. The Board anticipates the challenging environment to persist over the medium term,” said the company in its Q1 report.

The company has not provided any revenue or profit estimate, forecast, projection or internal targets.