KUALA LUMPUR: Oil and gas player Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) saw its net profit for the quarter ended Sept 30, 2011 rise 3.2% to RM80.2 million from RM77.7 million a year ago, on the back of a better performance from its engineering and construction segment.
However, the company said its marine repair and conversion segment registered a lower profit year-on-year.
For the quarter in review, revenue dipped 54.7% to RM463 million from RM1.02 billion. Earnings per share fell 80 sen to RM5. Net assets per share fell to RM1.49 from RM1.59.
MHB said its engineering and construction segment is expected to perform favourably through the successful execution of current and recently secured projects.
“Based on recent oil and gas discoveries in local offshore as well as increased activities to improve oil and gas production, capital expenditure in the upstream oil and gas sector is expected to remain relatively strong,” said the company.
For the six months ended Sept 30, net profit fell 15.3% to RM159.2 million from RM187.9 million a year ago, while revenue fell 35.2% to RM1.42 billion from RM2.19 billion.
During the period, the engineering and construction segment contributed operating profit of RM123.8 million on revenue of RM1.25 billion. The marine conversion and repair division contributed RM215.5 million in revenue and RM12.1 million in operating profit.
Earlier in March, the company changed its financial year-end from March 31 to Dec 31 resulting in a shorter nine-month fiscal year this year from April 1 to Dec 31.
This article appeared in The Edge Financial Daily, November 18, 2011.
However, the company said its marine repair and conversion segment registered a lower profit year-on-year.
For the quarter in review, revenue dipped 54.7% to RM463 million from RM1.02 billion. Earnings per share fell 80 sen to RM5. Net assets per share fell to RM1.49 from RM1.59.
MHB said its engineering and construction segment is expected to perform favourably through the successful execution of current and recently secured projects.
“Based on recent oil and gas discoveries in local offshore as well as increased activities to improve oil and gas production, capital expenditure in the upstream oil and gas sector is expected to remain relatively strong,” said the company.
For the six months ended Sept 30, net profit fell 15.3% to RM159.2 million from RM187.9 million a year ago, while revenue fell 35.2% to RM1.42 billion from RM2.19 billion.
During the period, the engineering and construction segment contributed operating profit of RM123.8 million on revenue of RM1.25 billion. The marine conversion and repair division contributed RM215.5 million in revenue and RM12.1 million in operating profit.
Earlier in March, the company changed its financial year-end from March 31 to Dec 31 resulting in a shorter nine-month fiscal year this year from April 1 to Dec 31.
This article appeared in The Edge Financial Daily, November 18, 2011.
