Sapura Power’s internet loss for FY22 widens to RM8.9bil

KUALA LUMPUR: Sapura Power Bhd‘s internet loss for the monetary 12 months ended January 31, 2022 (FY2022) widened to RM8.9 billion from RM160.87 million a 12 months in the past.

Income declined to RM4.13 billion from RM5.35 billion beforehand as a result of decrease proportion of completion acknowledged within the present 12 months, ensuing from recognition of foreseeable losses and better mission prices within the engineering and building (E&C) enterprise phase, it mentioned in a submitting with Bursa Malaysia as we speak.

It mentioned the E&C and operation and upkeep (O&M) companies continued to face execution challenges primarily as a result of disruption from COVID-19 and lack of entry to enough working capital services regardless of the market restoration within the latter a part of the 12 months has introduced improved efficiency from its drilling phase,

“Our scenario was additional compounded by some operational underperformance in sure tasks,” it mentioned.

For the fourth quarter (This fall), Sapura Power’s internet loss widened to RM6.61 billion from RM216.03 million in the identical interval final 12 months whereas income to RM453.14 million from RM1.44 billion within the corresponding quarter earlier 12 months.

On prospects, the corporate mentioned it aimed to beat the monetary and operational challenges in FY2023 and decided to proceed enjoying a contributory function within the power sector amidst the present world uncertainties by bringing its folks and belongings to unlock values ​​along with its enterprise companions.

“We anticipate the drilling phase to carry out properly below the present market situations with a median of 9 rigs anticipated to be in operation. This enterprise will proceed to generate improved and steady operational money flows in FY2023.

“The group continues to work along with our enterprise companions to execute tasks on our order e-book, at present standing at RM6.6 billion,” it added. – Bernama


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