Sapura Energy shares sink further after 74% plunge in Q2 net profit

PETALING JAYA: Shares in Sapura Energy Bhd sank further by 3.73% this morning, after the group posted a 74% drop in net profit for the second quarter ended July 31, 2017.
At 11.05 am, the stock stood at RM1.55 with 7.95 million shares changing hands. It has a market capitalisation of RM9.6 billion.
The group recorded a net profit of RM28.93 million for the quarter, compared with RM112.27 million for the same quarter in the preceding year.
Sapura Energy said this was on lower contribution from its drilling and exploration and production (E&P) segments.
Nevertheless, the group said it has seen an increase in tendering and bidding activities across key geographies in recent months, and whilst oil prices have stabilised, it remains cautious on the outlook of recovery in the industry's capital spending in the near term.