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THHE posts RM4.5 mil-loss in 1H

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THHE posts RM4.5 mil-loss in 1H Empty THHE posts RM4.5 mil-loss in 1H

Post by Cals Mon 25 Aug 2014, 03:30

THHE posts RM4.5 mil-loss in 1H
Business & Markets 2014
Written by theedgemalaysia.com   
Friday, 22 August 2014 18:34

KUALA LUMPUR (Aug 22): TH Heavy Engineering Bhd (THHE) recorded a net loss of RM6.19 million in the second quarter ended June 30, 2014 (2QFY14), from a net profit of RM9.2 million in 2QFY13. This was despite revenue gaining 9% to RM64.7 million during the quarter in review.
For the first half, the group posted a net loss of RM4.46 million or 0.92 sen a share, from a net profit of RM15.22 million in the previous corresponding period, due to higher cost of operations.
The group noted that as at June 30, it is holding an outstanding fabrication order book of RM250 million and an FPSO award opportunity of approximately US$372 million.
“The FPSO Leasing Award from JX Nippon is expected to contribute positively towards the earnings and net assets per share of the company.

“Moving forward, we are cautiously optimistic but anticipate the fabrication business to remain challenging in view of the present competitive environment. However, the company is working towards realigning its business strategies to capitalise on more promising areas in the fabrication business and is exploring other business opportunities in the Oil & Gas value chain,” said THHE in the notes accompanying its results.
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