Auditors raise concerns about Sapura Energy’s viability

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PETALING JAYA: Questions have been raised about Sapura Energy Bhd’s ability to continue as a going concern.

The oil and gas outfit, now in Practice Note 17 (PN17) status, posted a net loss of RM3.16 billion at the company level and RM3.67 billion at the group level for the financial year ended Jan 31, 2023 (FY2023).

The unqualified opinion was put forward by external auditor Ernst & Young PLT in an extract of its latest audit report on the group.

The auditors also raised the issue of the RM12.66 billion and RM1.75 billion in liabilities at the group and company levels respectively.

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Sapura Energy’s profit run continues

PETALING JAYA: Sapura Energy Bhd’s good fortune stretches on with another quarterly profit for the first financial quarter ended April 30, 2023 (Q1 FY2024).

Its net profit rose 58% to RM146.09 million compared to RM91.93 million in the same quarter last year.

The higher profit was driven mainly by lower depreciation, higher share of profit from associates, and net foreign exchange gain due to the US dollar’s appreciation against the ringgit.

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