Sapura Resources 4Q net loss narrows to RM3.3m from RM15.3m

Sapura Resources 4Q net loss narrows to RM3.3m from RM15.3m
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KUALA LUMPUR (April 30): Sapura Resources Bhd’s net loss for the fourth quarter ended Jan 31, 2021 (4QFY21) narrowed to RM3.32 million, from RM15.37 million a year ago.

This was mainly attributable to a one-off provision for a claim from a previous customer of RM8.2 million, and a one-off impairment loss of RM3.3 million in 4QFY20, the group said in a bourse filing.

Quarterly revenue, however, was down 14% to RM11.42 million from RM13.27 million, mainly due to lower revenue from the aviation segment.

The group did not declare any dividend for the latest quarter.

For the full financial year, Sapura Resources said net loss narrowed to RM20.74 million from RM25.12 million in the previous year, mainly attributable to lower operating expenses of RM16.3 million.

But as in the case of quarterly revenue, the full-year revenue was down by 10.38% to RM46 million from RM50.17 million previously due to lower revenue from the aviation segment.

On prospects, the group said its business is currently driven by its property and aviation business, while the new ventures in aircraft maintenance, repair and overhaul (MRO) and sales and service of high-powered engines and parts, are still in the period of gestation.

“The group acknowledges that the Covid-19 pandemic continues to adversely impact the performance of the aviation and aircraft MRO segments but the property segment will continue to contribute towards revenue.

“The group is reviewing all our investment portfolio and our resources to ensure long-term sustainability of our investments,” it added.

Sapura Resources shares closed 0.5 sen or 0.85% lower at 59 sen today, valuing the group at RM82.36 million.

S Kanagaraju