KUALA LUMPUR (May 9): Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) net profit for the first quarter ended Mar 31, 2012 fell 39.16% to RM78.27 million from RM128.64 million a year ago due to the completion of contracts under its engineering and CONSTRUCTION [] arm as well as its marine conversion and repair arm.
In a statement on Bursa Malaysia on Wednesday, the group said its revenue also decreased 27.95% to RM665.27 million from RM923.29 million a year earlier.
Earnings per share were 4.90 sen compared to 8.00.
MHB attributed the lower earnings to the completion of its engineering, procurement, construction, installation and commissioning (EPCIC) contract in Turkmenistan and its progress on two conversion contracts as well as higher rigs and support vessel repair works secured during the quarter.
In a statement on Bursa Malaysia on Wednesday, the group said its revenue also decreased 27.95% to RM665.27 million from RM923.29 million a year earlier.
Earnings per share were 4.90 sen compared to 8.00.
MHB attributed the lower earnings to the completion of its engineering, procurement, construction, installation and commissioning (EPCIC) contract in Turkmenistan and its progress on two conversion contracts as well as higher rigs and support vessel repair works secured during the quarter.
