Sapura Resources Berhad has released its unaudited financial report for Q4 FY2022, with the group recording a decline in revenue from RM11.4 million to RM10.9 million, the group adds this was due to lower revenue delivered by its property Investment segment and Aviation segment.
The group’s loss before tax for the three months period under review jumped significantly from RM3.3 million to RM115.6 million due to additional impairment of RM61 million of the MLA coupled with recognition of depreciation and finance cost arising from the MLA pursuant to MFRS 16. Impairment in MRO segment and a higher share of losses from joint venture companies further contribute to the loss for the quarter by RM15.8 million and RM16.6 million respectively.
It added the RM115.6 million losses registered in the current quarter, were lower by RM22.3 million as compared to the loss before taxation of RM137.8 million in the immediate preceding quarter, as it said this was mainly due to impairment amounting to RM118 million relating to the MLA in the preceding quarter.
The investment segment suffered the most, loss before taxation of RM62.1 million in Q4FY2022 as compared to RM4.9 million in Q4FY2021 mainly due to one-off impairment loss on investment in subsidiaries and joint venture companies. The property segment also came in low, with revenue decreasing from RM6.2 million in Q4FY2021 to RM6 million in Q4FY2022 mainly due to lower rental income. This part of the business recorded a higher loss before taxation of RM76.8 million in Q4FY2022 as compared to RM0.1 million in Q4FY2021 mainly due to additional impairment of RM61.0 million coupled with depreciation and finance cost arising from the MLA.
Additionally, Sapura Resources has also made the decision to exit the MRO segment due to the long-drawn adverse impact of the COVID-19 pandemic on the segment. In addition, in view of the challenging property market which will require time to recover, the group has further impaired its MLA investment.
In the meantime, the Group is reviewing its investment portfolio to optimize its resources to ensure long-term sustainability.
