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Malaysia Marine posts lower Q1 pre-tax profit
by hlk Wed 09 May 2012, 22:53
Malaysia Marine and Heavy Engineering Holdings Bhd chalked up a lower pre-tax profit of RM86.752 million for the first quarter ended March 31, 2012 against RM114.08 million recorded in the same period last year.
Revenue fell to RM665.267 million during the period under review compared with RM923.924 million recorded previously.
In a filing to Bursa Malaysia, the company said the first quarter
financial performance was satisfactory as operationally it had achieved progress in all projects.
"The lower revenue was compensated by the contribution from the progress achieved on other contracts in hand," it said.
During the quarter under review, MHB successfully undertook the superlift for the Gumusut-Kakap floating production system project.
Moving forward, it said the renewed focus on domestic exploration and production development and enhanced oil recovery initiatives had created buoyant activities as more projects were expected to be put into development phase.
"Our engineering and construction segment is also expected to perform favourably through the successful execution of projects-in-hand," it added. -- Bernama
Revenue fell to RM665.267 million during the period under review compared with RM923.924 million recorded previously.
In a filing to Bursa Malaysia, the company said the first quarter
financial performance was satisfactory as operationally it had achieved progress in all projects.
"The lower revenue was compensated by the contribution from the progress achieved on other contracts in hand," it said.
During the quarter under review, MHB successfully undertook the superlift for the Gumusut-Kakap floating production system project.
Moving forward, it said the renewed focus on domestic exploration and production development and enhanced oil recovery initiatives had created buoyant activities as more projects were expected to be put into development phase.
"Our engineering and construction segment is also expected to perform favourably through the successful execution of projects-in-hand," it added. -- Bernama
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