Sapura Energy says the group has submitted a proposed restructuring scheme to the corporate debt restructuring committee and the financial institutions.ug环球注册登录（www.ugbet.us）开放环球UG代理登录网址、会员登录网址、环球UG会员注册、环球UG代理开户申请、环球UG电脑客户端、环球UG手机版下载等业务。
PETALING JAYA: Sapura Energy Bhd believes the next few months will be critical to the group’s efforts in addressing its unsustainable debt and Practice Note 17 status.
In a filing with Bursa Malaysia yesterday, the oil and gas services provider said its proof of debt exercise with its trade creditors was nearing completion.
“Further, the group has submitted a proposed restructuring scheme (PRS) to the corporate debt restructuring committee (CDRC) and the financial institutions on Sept 29, 2022.
“It has since been participating in CDRC-mediated meetings with the financial institutions to seek feedback on and to refine the terms of the PRS.”
Sapura Energy said this draft restructuring proposal will form part of the group’s overall restructuring and regularisation plan.
This, upon finalisation, will be submitted to Bursa Malaysia.
For its third quarter ended Oct 31, 2022, Sapura Energy reported a net profit of RM10.18mil, compared with a net loss of RM669.34mil in the previous corresponding period.
Revenue, meanwhile, dropped to RM1.28bil, compared with RM1.46bil a year earlier.,
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The group reported basic earnings per share of 0.06 sen, compared with a loss per share of 4.19 sen a year earlier.
For the nine-month period ended Oct 31, 2022, Sapura Energy reported a net profit of RM99.53mil compared with a net loss of RM2.28bil in the previous corresponding period, while revenue stood at RM3.33bil versus RM3.67bil a year earlier.
Commenting on the company’s earnings, group chief executive officer Datuk Mohd Anuar Taib said there was still “much more to do”.
“We are pleased to record another quarter of improved results as we continue the momentum and press ahead with the implementation of our reset plan.
“Our priorities are clear. We are focused on improving the group’s cash flow and earnings before interest, taxes, depreciation and amortisation, as well as strengthening our risk management and operations for long-term sustainability.”
Mohd Anuar also said the group was fully cognisant of the pivotal importance of addressing its unsustainable debt, which he said Sapura Energy will continue to make every effort to resolve with all relevant stakeholders.
“As part of its efforts to improve overall cash flow, Sapura Energy is committed to continuing its review of underperforming contracts as well as renegotiating commercial settlements with customers.”
Additionally, Sapura Energy said rebuilding its order book remained a challenge with limited access to bank guarantees and working capital facilities during the restructuring phase.,