KUALA LUMPUR: Shares in Sapura Energy Bhd jumped 22% in early trade after the company returned to the black in the first quarter ended April 30 (1Q23). It is currently the second most active counter on Bursa Malaysia with 62.58 million shares done. Sapura Energy posted a net profit of RM91.93mil in the first quarter ended April 30 (1Q23) from a net loss of RM97.07mil in the same quarter last year, on favourable foreign exchange gains following the strengthening of the US dollar. Hong Leong Investment Bank said Sapura Energy recorded 1Q23 core net loss of RM203mil was within expectations based on the house/consensus full-year net loss forecast of RM758m/RM580.1mil. Hong Leong has maintained its “sell” on Sapura Energy with an unchanged target price of one sen based on 0.5x FY22 P/B.

Source: The Star June 28, 2022 08:18 UTC