KUALA LUMPUR, Aug 2 — Malaysia Marine and Heavy Engineering Holdings Bhd’s (MHB) net loss for the second quarter ended June 30, 2019 narrowed to RM9.48 million from RM49.48 million a year ago.
Revenue, however, increased 23.9 per cent to RM276.45 million from RM223.04 million previously, mainly due to higher revenue in both its heavy engineering and marine segments, it said in a filing with Bursa Malaysia today.
Meanwhile, for the six months ended June 30, MHB’s net loss reduced to RM38.84 million from RM74.75 million a year ago, on the back of revenue of RM479.56 million versus RM411.31 million a year earlier.
On its prospects, MHB said the overall outlook for the second half of the year remains uncertain amidst prolonged unresolved trade tensions, slowing economic growth as well as escalating geopolitical tensions that continue to impact business confidence and investments.
“Despite the uncertainties, offshore oil and gas production activities continue to improve albeit moderately.
“The group continues to remain vigilant on the outlook of the industry in the near term and the timing of capital spending by major oil and gas players,” it said.
MHB said the recent contract award from Petronas Carigali Sdn Bhd for the engineering, procurement, construction, installation and commissioning (EPCIC) works for the Kasawari Gas Development project demonstrates the group’s commitment to ensuring the sustainability of its order book.
“As the industry outlook continues to be challenging in the current financial year, the group remains cautious and will focus on replenishing the order book in various geographical areas as well as diversifying into other businesses.
“Cost management, quality and timely deliverable of projects remain as a priority to ensure an improved bottom line,” it said. — Bernama
