Sapura Energy net loss plunged to RM8.89bil for FY22

Sapura Energy Bhd’s (SEB) net loss plunged to RM8.89 billion during the full financial year ended January 31, 2022 (FY22) from the net loss of RM160.87 million recorded in the same period a year ago.

In a statement today, the company said following a review of its contract performance, businesses and assets, it has recognised a hefty financial loss, including significant impairment charges.

“The company recognised a RM3.3 billion provision for impairment on goodwill on consolidation and a RM2.3 billion provision for impairment on property, plant and equipment in FY22,” it said.

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Source: NST