KUALA LUMPUR (Feb 23): BOUSTEAD HEAVY INDUSTRIES CORP []oration Bhd’s earnings fell 67.5% to RM3.74 million in the fourth quarter ended Dec 31,2011, from RM11.4 million a year ago, weighed down by its heavy engineering segment.
It said on Thursday that revenue decreased 31.6% to RM156.66 million from RM229.20 million. Earnings per share were 1.51 sen compared to 4.60 sen last year.
BHIC said the lower revenue was due to the weaker performance of its heavy engineering segment, specifically relating to maintenance, repair and overhaul (MPO) jobs which form the bulk of the subsidiaries' activities.
It also cited the segments’ smaller turnover, commercial shipbuilding losses, higher finance charges and a lower share of profit from its associates, as causes for the lower earnings.
For the financial year ended Dec 31, 2011, net profit fell 81.7% to RM12.78 million from RM69.80 million. Revenue decreased by 16.3% to RM544.13 million from RM649.79 million.
It said on Thursday that revenue decreased 31.6% to RM156.66 million from RM229.20 million. Earnings per share were 1.51 sen compared to 4.60 sen last year.
BHIC said the lower revenue was due to the weaker performance of its heavy engineering segment, specifically relating to maintenance, repair and overhaul (MPO) jobs which form the bulk of the subsidiaries' activities.
It also cited the segments’ smaller turnover, commercial shipbuilding losses, higher finance charges and a lower share of profit from its associates, as causes for the lower earnings.
For the financial year ended Dec 31, 2011, net profit fell 81.7% to RM12.78 million from RM69.80 million. Revenue decreased by 16.3% to RM544.13 million from RM649.79 million.
