Tuesday, November 15, 2011

BHIC posts net loss RM2.43m in 3Q

KUALA LUMPUR (Nov 15): BOUSTEAD HEAVY INDUSTRIES CORP []oration Bhd posted net loss RM2.43 million for the third quarter ended Sept 30, 2011 compared to net profit RM26.9 million a year earlier, due mainly to cost overruns in certain commercial shipbuilding projects.

BHIC said on Tuesday, Nov 15 that its revenue for the quarter fell to RM150.02 million from RM227.71 million in 2010.

Loss per share was 0.98 sen compared to earnings per share 10.83 sen a year earlier.

For the nine months ended Sept 30, BHIC's net profit fell to RM9.04 million from RM58.37 million, on the back of revenue RM387.47 million.

Reviewing its performance, BHIC said its revenue for the nine-month period was lower given that the previous year's corresponding period incorporated revenue for accumulation of work done on submarine maintenance for a longer period as compared with the nine months recorded in the current year cumulative period.

On its current year prospects, BHIC said it would continue to strengthen its internal process and governance oversight, while the implementation of programmes to generate improvements in financial performance, including cost containment was ongoing.

'As for Boustead Naval Shipyard Sdn Bhd, the associate company's negotiation for the contract to build the six Littoral Combatant Ships is at the advanced stage of preparations,' it said.


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