KUALA LUMPUR: Sapura Energy Bhd’s shares were actively traded this morning with over 69 million shares done, making it the most active counter on Bursa Malaysia.

       The integrated oil and gas services provider fell 4.35%, or 0.5 sen to 11 sen at 9.13am. Year-to-date, it has fallen 11.54%.

       Sapura Energy posted a net loss of RM1.52bil in the second quarter ended July 30 (2Q22) from a net profit of RM23.74mil in the same quarter a year ago.

       Its revenue for the quarter fell 38.7% to RM747.11mil from RM1.22bil.

       In the first six months to July 30, Sapura Energy registered a net loss of RM1.61bil from a net profit of RM37.95mil, while revenue fell 13.9% to RM2.22bil from RM2.58bil.

       Separately, Sapura Energy’s indirect wholly-owned subsidiary and joint venture in engineering and construction have been awarded contracts in Australia and Brazil with combined values of approximately RM942mil and RM1.7bil, respectively.

       Kenanga Research said Sapura Energy’s results were severely disappointed, with 2QFY22 recording one of the group’s worst ever quarters – plunging into a deep core loss of RM1.57bil.

       “The effects of the pandemic have led to project execution delays and costs escalation, with management expecting current hurdles to persist well into 2HFY22.

       “The group is also facing liquidity issues with its vendors and clients, coupled with heightened balance sheet risks. Downgrade to ‘underperform’ with a target price of seven sen,” it said.