M&G reports profit after debt restructuring

M&G executive chairman Datuk Mohammed Azlan Hashim said the declining demand for oil is expected to persist until the second half of 2021 or until the expected economic recovery arising from various stimulus efforts and widespread use of the Covid-19 vaccines.

PETALING JAYA: Marine & General Bhd (M&G) managed to return to the black following its debt restructuring programme.

The company posted a net profit of RM56.1mil for its second quarter ended Oct 31,2020, compared to a net loss of RM12.1mil in the corresponding quarter a year ago, due to a RM106.8mil debt restructuring gain and lower finance costs.