KUALA LUMPUR (March 29): Sapura Resources Bhd swung into the red in the financial year ended Jan 31, 2024 with a net loss of RM35.85 million, versus a net profit of RM79.62 million a year ago as higher revenue was more than offset by smaller reversal on impairment and reduction of other income.

During the year under review, the group posted a reversal for impairment of non-current assets of RM46.21 million versus RM123 million a year ago. Other income was RM13.77 million versus RM43.09 million.

Loss per share was 25.68 sen compared with earnings per share of 57.04 sen recorded in the corresponding quarter of the previous year, as shown in Sapura Resources’ bourse filing.

Cumulative revenue for FY2024, which ended on Jan 31, 2024, showed an improvement of 10.09%, reaching RM58.66 million compared with RM53.29 million.

In 4QFY2024, net profit came in at RM11.73 million, 88.25% lower than the RM99.86 million reported in 4QFY2023. Quarterly revenue also increased by 48.65% to RM19.45 million from RM13.08 million.

Sapura Resources noted that lower earnings was primarily attributed to the reversal of impairment related to its investment property (Permata Sapura), amounting to RM46.2 million during the current review period. This added to the RM122.9 million recorded in the previous corresponding period.

Additionally, the aviation segment incurred losses of RM500,000, mainly due to a one-off gain upon recognition of a finance lease receivable in accordance with MFRS 16, totalling RM3 million in the previous corresponding quarter.

Looking ahead, Sapura Resources remains optimistic about its property and business aviation segments, which are expected to continue supporting the group’s revenue. 

"In the meantime, the group will continuously adapt to the changing conditions to ensure long-term sustainability" it added. 

Shares in Sapura Resources closed unchanged at 33 sen on Friday, resulting in a market capitalisation of RM46.07 million