Lower finance costs cushion drop in Sapura Resources Q3 profit

PETALING JAYA: Sapura Resources Bhd’s earnings for the third quarter ended Oct 31, 2017 plunged 99.6% to RM412,000, from RM98.32 million in the previous corresponding quarter, mainly due to a one-off gain on disposal of 49% interest in APIIT Education Group in the same period a year ago.
The decrease, however, was partially offset by lower finance costs, it told the stock exchange today.
Revenue for the quarter increased 9.1% to RM12.94 million, compared with RM11.86 million in the same period last year, mainly due to higher revenue registered in its aviation segment.
For the nine months period, it registered a net loss of RM1.44 million, against a net profit of RM102.71 million a year ago, while revenue grew 5.7% to RM37.56 million, from RM35.52 million previously.
Sapura Resources said the company’s prospects are driven by its two core businesses, namely the property and aviation divisions.
“Although the property market is softening, the company takes a long term view on its property investments. Our aviation revenue continues to grow as we expand our hangarage business and aviation-related services.
“The board believes that these businesses will generate value moving forward as they mature,” it added.
The stock closed unchanged at 93 sen today with some 7,000 shares traded.