SapuraKencana’s Q3 net profit 22% higher

PETALING JAYA: SapuraKencana Petroleum Bhd’s net profit for the third quarter ended Oct 31, 2016 rose 21.7% to RM158.06 million from RM129.86 million a year ago, due to the energy segment that saw an operating profit against a loss in the previous year.
Revenue at RM2.22 billion was 23.1% lower than the RM2.89 billion in the corresponding quarter of the preceding year.
For the nine months period, net profit fell 23% to RM380.64 million from RM494.63 million a year ago due to lower profit and revenue from the engineering & construction and drilling segments.
Revenue at RM5.84 billion was 26.6% lower than the RM7.95 billion in the previous corresponding period.
The group said industry conditions remained uncertain in the third quarter and prolonged low levels of capital spending continued to pose significant challenges. To enhance its competitiveness, the group remains focused on strengthening its position in existing markets and expanding into new markets, rebasing costs and improving operational efficiency.