KUALA LUMPUR: BOUSTEAD HEAVY INDUSTRIES CORP []oration Bhd (BHIC) said it net profit fell 38.5% to RM11.43 million in the fourth quarter ended Dec 31, 2010 from RM18.6 million a year ago.
It said on Monday, Feb 21 earnings from maintenance were eroded by cost escalations incurred by certain shipbuilding projects, including foreign exchange losses due to a weak US dollar.
Revenue for the quarter rose to RM229.2 million from RM163.58 million, mainly due to revenue recognised for accumulation of work performed on naval vessels. Earnings per share were 4.6 sen while net assets per share was RM1.73.
BHIC declared a single tier first interim dividend of 6.5% per share in respect of year ending Dec 31, 2011 amounting to RM16.15 million.
For the financial year ended Dec 31, BHIC's net profit fell 8.5% to RM69.81 million from RM76.28 million on the back of revenue RM649.79 million.
On its prospects, BHIC said both the submarine maintenance and Fast Interceptor Craft projects were in progress and expected to continue contributing positively to its earnings in 2011.
'Our associate, Boustead Naval Shipyard Sdn Bhd is presently negotiating with the government on the value and duration of the project to construct six (6) second-generation patrol vessels with combatant capabilities (Littoral Combatant Ships).
'The group has put in place initiatives to strengthen competencies and operational processes and procedures of business entities, and externally, it will continue to look for new opportunities and invest in strategic assets that will generate healthy returns in the medium and long run,' it said.
It said on Monday, Feb 21 earnings from maintenance were eroded by cost escalations incurred by certain shipbuilding projects, including foreign exchange losses due to a weak US dollar.
Revenue for the quarter rose to RM229.2 million from RM163.58 million, mainly due to revenue recognised for accumulation of work performed on naval vessels. Earnings per share were 4.6 sen while net assets per share was RM1.73.
BHIC declared a single tier first interim dividend of 6.5% per share in respect of year ending Dec 31, 2011 amounting to RM16.15 million.
For the financial year ended Dec 31, BHIC's net profit fell 8.5% to RM69.81 million from RM76.28 million on the back of revenue RM649.79 million.
On its prospects, BHIC said both the submarine maintenance and Fast Interceptor Craft projects were in progress and expected to continue contributing positively to its earnings in 2011.
'Our associate, Boustead Naval Shipyard Sdn Bhd is presently negotiating with the government on the value and duration of the project to construct six (6) second-generation patrol vessels with combatant capabilities (Littoral Combatant Ships).
'The group has put in place initiatives to strengthen competencies and operational processes and procedures of business entities, and externally, it will continue to look for new opportunities and invest in strategic assets that will generate healthy returns in the medium and long run,' it said.
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