KUALA LUMPUR: Sapura Energy Bhd's net profit for the first quarter ended April 30, 2024 (Q1FY25) fell to RM82.13 million from RM146.09 million in the same period a year ago.

Revenue increased to RM1.18 billion from RM951.73 million previously.

In a filing with Bursa Malaysia today, the company said the lower profit registered for the quarter under review was mainly due to higher operating expenses and higher finance costs.

"However, the increase in revenue was attributable to higher revenue recognised from the engineering and construction (E&C) segment as a result of higher project progress in the current quarter. The segment's revenue rose 42.5 per cent to RM818.9 million from RM574.8 million registered in Q1FY24," it noted.

In a separate statement, Sapura Energy said the group's outstanding order book currently stands at RM7 billion, an improvement from the RM5 billion recorded in Q4FY24.

The company also noted that the unconsolidated order book held by Sapura Energy's joint venture and associate entities doubled from the previous quarter, standing at RM7.1 billion, compared to RM3 billion previously.

"The order book included new wins by operations and maintenance segment from Sapura Subsea Services Sdn Bhd, which was awarded the provision of pan Malaysia underwater services for Petroliam Nasional Bhd (PETRONAS) group of companies and production arrangement contractors," it said.

Moving forward, Sapura Energy said it remains committed to bidding for projects both in the Malaysian and international markets and will continue to focus on its core capabilities while keeping a keen eye on opportunities arising from the energy transition.

The company said it is also on track with the implementation of its reset plan, which includes efforts to address its unsustainable debt and dues owed to trade creditors.

"We remain committed to regularising our financial position, with the ultimate goal of declassifying as a Practice Note 17 (PN17)  company," it added.

 - BERNAMA