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HomeMaritime NewsRegionsAmericasMMHE Q2 net profit down 16% on lower margins at marine arm

MMHE Q2 net profit down 16% on lower margins at marine arm

MMHE Q2 net profit down 16% on lower margins at marine arm
Malaysia Marine and Heavy Engineering Holdings (MMHE) earnings fell 16.4% to MYR39.7m ($12.4m) in the second quarter from MYR47.6m a year ago due to lower profit from the offshore and marine segments as operating profit at the marine division fell due to lower margins from repair jobs.

MMHE said in a stock market release that revenue increased by almost a quarter to MYR980.9m from MYR786.7m previously.

The offshore segment however recorded higher revenue mainly due to progress in the development of gas fields in Block SK316, offshore Bintulu, Sarawak.

Deliveries during the quarter included the TapisR Topsides to ExxonMobil Exploration and Production Malaysia and Kebabangan Topsides to Kebabangan Petroleum Operating Company.

MMHE said looking ahead, its marine business faces increased competition from vessel repair capacity in the region develops. It however expected medium term prospects to remain favourable, underpinned by growth in the number of vessels requiring dry docking and marine repair services.

TAGS: Asia Offshore Shipyards Malaysia

 

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