Malaysia Marine and Heavy Engineering Holdings Berhad (MHB) achieved a revenue of $341.9 million (MYR 1.3016 billion) with a pretax profit of $13.9 million (MYR 53 million) for the six months ended June 30, the company said when it announced its financial results Tuesday.
In the second quarter, MHB successfully completed the sub-structures for the SK316 project, namely the jacket for the CPP and the topside for the Wellhead Platform, and the repairing works for the Nautica Tembikai crude oil tanker.
MHB's offshore business segment achieved a revenue of $283 million (MYR 1.0773 billion). Currently, the segment is undertaking the fabrication works for the Malikai deepwater, SK316, Besar-A, North Malay Basin Bergading and External Turret Mooring System projects. For the second quarter, the offshore business secured the Baronia CPP and the Facilities Improvement Project worth a combined $52.8 million (MYR 201 million).
MHB's marine business segment recorded growth in revenue and profit against the same corresponding period last year, mainly due to the higher value of repair works. Its profit margin improved with higher contributions from the rig, liquefied natural gas (LNG) and floating storage and offloading (FSO) / floating production, storage and offloading (FPSO) segments. For the quarter, the marine business secured contracts for the repair, life extension and dry-docking of two LNG carrier vessels and the conversion of a vessel into an FSO facility totaling $33.1 million (MYR 126 million).
For the six month period, MHB attained a net profit of $14.2 million (MYR 54 million). Earnings per share (EPS) attributable to equity holders of MHB is $0.0089 (MYR 0.034) for the first half ended June 30. With ongoing investments in the yard optimization program, the Group's property, plant and equipment have increased to $430.8 million (MYR 1.64 billion). Total equity has increased to $706.7 million (MYR 2.69 billion).
Managing Director and CEO, Abu Fitri Abdul Jalil said, "The recovery in the crude oil prices and the energy industry remain highly uncertain given a confluence of unfavorable developments that are taking place."
"For the offshore business segment, we will continue to implement the initiatives that we have embarked on to mitigate the impact of the current adverse cycle. The marine business is expected to remain brisk with steady work orders from new and repeat clients," added Abu Fitri.
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