Sapura Energy Bhd, Malaysia’s largest oil and gas services firm, on Thursday posted a net loss for its third-quarter earnings, hit by lower spending from the energy sector.
The company posted a net loss of 274.4 million ringgit ($67.24 million) for the quarter that ended in October, versus a net profit of 158.1 million ringgit in the corresponding quarter last year, according to a stock exchange filing.
Revenue stood at 1.28 billion ringgit, versus 2.22 billion ringgit last year, on lower contributions from its engineering segments, as well as its construction and drilling operations.
“Industry conditions continue to be challenging and the group’s current performance is a reflection of the prolonged low levels of capital spending within the industry,” the company said, adding that it expects similar conditions in the short- and medium-term.
Sapura Energy’s shares were down 2.5 percent on Thursday afternoon, underperforming a slight rise in the benchmark index .