Malaysian marine engineering group Boustead Heavy Industries Corp returned to the black in the first half turning in a profit of MYR15.3m compared to a loss of MYR31.4m in the previous corresponding period.
Revenue rose 11% to MYR126.2m in revenue, which represented a RM12.1m or 11% increase over the MYR114.1m in the first half of 2012. This was primarily due to the chartering segment which reported utilisation and charter rates that were better than last year, the company said in a stock market release.
BHIC's results were helped by improved performance in the heavy engineering segment, and higher income generated from maintenance, repairs and overhaul (MRO) activities, and subsidiaries as well as joint ventures.
The chartering segment saw higher revenue which dampened the effect of foreign exchange losses attributed to unfavourable exchange rate fluctuations and as a result, this segment posted a smaller loss as compared with last year.
BHIC expects the MRO sector to provide further opportunities for growth, either via strategic partnerships or direct award of contracts. The Group is also continuing its efforts to secure projects in other areas, especially commercial shipbuilding and oil & gas, from both local and international markets, BHIC said.
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