Revenue for the third quarter came in at MYR539.8m, compared to MYR449.7m previously..However for the first nine months, group net profit was lower at MYR113.4m compared with MYR134.6m a year ago due to lower operating profit from its two main core businesses of offshore and marine segments. Revenue was almost flat at MYR2.19bn.Despite this, MMHE still expected to attract new projects as the current slump in oil prices may prompt potential clients to look for more cost-efficient yards and place more emphasis on project economics.
In this respect, MMHE's ongoing investments with its yard optimisation programme, transformation initiatives and strengthened management focus at the offshore business segment would be an advantage, the company said. Meanwhile this segment has also recently secured some new fabrication contracts that would contribute positively to the group’s financial performance in the coming financial year, the company said.
MMHE said the group, together with its joint venture partner Tecnip was also actively bidding for new domestic and international projects where aggressive competition is expected with the participation of regional and international companies.
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