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HomeMaritime NewsRegionsAsiaBoustead returns to profit with $1.7m Q1 gain

Boustead returns to profit with $1.7m Q1 gain

Boustead returns to profit with $1.7m Q1 gain
Malaysia's offshore construction heavyweight Boustead Heavy Industries Corp Bhd (BHIC) returned to profit in the first quarter with a net profit of MYR5.1m ($1.7m) reversing a a net loss of MYR14.5m in the previous corresponding period as performance at the engineering and manufacturing divisions improved.

Revenue rose 14% to MYR64.4m, from MYR56.5m previously.

Meanwhile the chartering segment remains difficult, with continued weakness in chemical tanker rates the company said in a press release. Boustead is trying to cap the downside with long-term contracts, it added.

The company is also bidding for several projects for smaller to medium-sized craft, especially tugs and workboats, in line with its strategic plans, it added.

TAGS: Offshore
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