KUALA LUMPUR (Feb 21): Malaysia Marine and Heavy Engineering Holdings Bhd’s earnings fell 65.4% to RM46.35 million in the third quarter ended Dec 31, 2011 from RM134.15 million a year ago.
It said on Tuesday its revenue declined 45.6% to RM716.15 million from RM1.316 billion a year ago. Its earnings per share were 2.90 sen compared with 8.80 sen.
MMHE’s board of directors recommended a final single tier dividend of 10 sen per share amounting to RM160.0 million.
Commenting on the results, it said revenue from its engineering and CONSTRUCTION [] division fell from RM1.269 billion to RM594.1 million mainly due to no further recognition of revenue from PCIC Turkmenistan Block 1, Phase 1 project in the quarter as compared to the corresponding quarter.
The project contract was novated to a jointly controlled entity, MMHE-TPGM Sdn Bhd with effect from Jan 1,2011.
As for the marine conversion and repair segment, revenue improved from RM46.3 million to RM132.1 million after MMHE secured two new conversion contracts, which started during the period and higher numbers of energy vessels repairs secured during the quarter.
The operating profit for the marine conversion and repair improved during the quarter amounting to RM16.1 million as compared to RM2.3 million in the corresponding quarter.
For the nine months, its earnings fell 36.1% to RM205.60 million from RM322.11 million in the previous corresponding period. Its revenue declined 39.1% to RM2.137 billion from RM3.512 billion.
The company had on March 2, 2011 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, 2011 to Dec 31, 2011.
It said on Tuesday its revenue declined 45.6% to RM716.15 million from RM1.316 billion a year ago. Its earnings per share were 2.90 sen compared with 8.80 sen.
MMHE’s board of directors recommended a final single tier dividend of 10 sen per share amounting to RM160.0 million.
Commenting on the results, it said revenue from its engineering and CONSTRUCTION [] division fell from RM1.269 billion to RM594.1 million mainly due to no further recognition of revenue from PCIC Turkmenistan Block 1, Phase 1 project in the quarter as compared to the corresponding quarter.
The project contract was novated to a jointly controlled entity, MMHE-TPGM Sdn Bhd with effect from Jan 1,2011.
As for the marine conversion and repair segment, revenue improved from RM46.3 million to RM132.1 million after MMHE secured two new conversion contracts, which started during the period and higher numbers of energy vessels repairs secured during the quarter.
The operating profit for the marine conversion and repair improved during the quarter amounting to RM16.1 million as compared to RM2.3 million in the corresponding quarter.
For the nine months, its earnings fell 36.1% to RM205.60 million from RM322.11 million in the previous corresponding period. Its revenue declined 39.1% to RM2.137 billion from RM3.512 billion.
The company had on March 2, 2011 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, 2011 to Dec 31, 2011.
