Thursday, November 17, 2011

MMHE earnings up 3.2% to RM80m but revenue halves

KUALA LUMPUR (Nov 17): Malaysia Marine and Heavy Engineering Holdings Bhd reported a 3.2% increase in net profit to RM80.22 million in the quarter ended Sept 30 from RM77.71 million a year ago though its revenue had fallen by more than half.

According to its statement to Bursa Malaysia, its revenue during the quarter fell 54.7% to RM463.09 million from RM1.022 billion. Its earnings per share were 5.0 sen compared with 5.80 sen.

'The group profit before taxation of RM100.40 million was comparable against the corresponding quarter's profit before tax of RM101.5 million. In the current quarter, engineering and CONSTRUCTION [] segment (including the profit from the jointly controlled entity for Turkmenistan Block 1 Phase 1 project) has contributed to better performance. However, marine repair and conversion segment has recorded lower profit,' it said.

MMHE said group profit before taxation of RM100.4 million was 4.2% higher than the RM96.4 million recorded in the preceding quarter due to the engineering and construction and marine repair and conversion segments.

In the nine-month period from January to September, its earnings fell 15.2% to RM159.51 million from RM188.28 million in the previous corresponding period. Revenue slumped 35.2% to RM1.420 billion from RM2.195 billion.

MMHE had on March 2 announced the change of financial year end from March 31, to Dec 31.'' The first new financial year would end on Dec 31, 2011 with a shorter nine-month period from April 1 to Dec 31.

On the outlook, it expected the engineering and construction segment to perform favourably through successful execution of projects-in-hand and recently secured contracts. As for the marine repair and conversion segment, MMHE expected it to remain satisfactory.

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