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NewsUpdate MHB 1Q net profit falls 31.6% y-o-y to RM34.6m; revenue down 27.1%
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Update MHB 1Q net profit falls 31.6% y-o-y to RM34.6m; revenue down 27.1%
by Cals Wed 07 May 2014, 22:56
| Update MHB 1Q net profit falls 31.6% y-o-y to RM34.6m; revenue down 27.1% |
| Business & Markets 2014 |
| Written by Ho Wah Foon of theedgemalaysia.com |
| Wednesday, 07 May 2014 13:36 KUALA LUMPUR (May 7): Malaysia Marine and Heavy Engineering Holdings Bhd (MHE) posted a lower net profit of RM34.6 million for the first quarter of 2014, plunging 31.6% from RM50.6 million earned in similar quarter last year. Revenue also fell 27.1% year-on-year to RM671.5 million, from RM921.8 million. The company attributed its lower profit to lower profit from its offshore segment for the period. Revenue for the offshore segment was lower as most of the projects in hand are nearing completion. Operating profit for the segment was also lower due to higher than expected cost of an on-going project. In the marine segment, operating profit fell due to lower margin from repair work performed despite higher revenue. On current year prospects, MHE said three major projects will be delivered during the year. In terms of operation, there are fewer on-going project in progress compared with previous financial year. The offshore segment is bidding for various projects, which if secured, will come in late 2014, said MHE. The marine segment is expected to face more competition in the region, but medium term prospects stay favourable as an increase in vessels may mean more work for dry docking and marine repair services. |
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