Sapura Energy second most active stock as volume spikes in morning trade

Sapura Energy second most active stock as volume spikes in morning trade
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KUALA LUMPUR (Sept 24): Sapura Energy Bhd was the second top active stock this morning, with trading volume spiking to 60.58 million units. 

At 9.56am, the counter was actively traded with 60.58 shares done, compared with the 10.26 million traded on the previous day.

Its share price had inched up 4.35% to 12 sen at 9.56am after falling to its lowest of 11 sen so far today.

Just yesterday, the oil and gas (O&G) group announced that its application for a one-month extension to announce its latest quarterly results was rejected by Bursa Malaysia. 

The group is required to file its results for the quarter ended July 31, 2021 (2QFY22) by Sept 30, 2021.

Citing sources, yesterday reported that the group needed the extra time to analyse "some adjusting events related with its projects".

The group, which has ventured into installation of offshore wind turbines, remained in losses for the second consecutive quarter in 1QFY22, with net loss sitting at RM97.07 million. It attributed the loss to the one-time impact of its refinancing exercise as well as unfavourable foreign exchange. 

Revenue for 1QFY22 was higher at RM1.47 billion, compared with RM1.44 billion for the preceding quarter. 

On Tuesday (Sept 21), the group announced that its group chief financial officer (CFO) Reza Abdul Rahim will be stepping down from his role on Oct 1 to pursue other opportunities. 

Reza has been with the group since 2012, where he started off as a senior vice-president of the offshore construction and subsea services division in 2012 and subsequently appointed the group chief financial officer (CFO) in June 2016. 

Read also:
Bursa rejects Sapura Energy’s request for one-month extension to submit quarterly results

Surin Murugiah