MMHE posts 2Q net loss of RM388.7mil on provisions for ongoing projects

KUALA LUMPUR: Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) sank into the red in the second quarter ended June 30, 2023, with a net loss of RM388.7mil as compared to a net profit of RM22mil in the previous corresponding quarter on the back of additional cost provisions in the heavy engineering segment.

This led to the group incurring a loss per share of 24.3 sen against earnings per share of 1.4 sen in 2QFY22, according to a filing with Bursa Malaysia.