MMHE Q3 earnings surge 352% to RM36.4m

  • Business
  • Tuesday, 22 Oct 2013

KUALA LUMPUR: Malaysia Marine and Heavy Engineering Holdings Bhd's (MMHE) earnings jumped 352% to RM36.43mil in the third quarter ended Sept 30, 2013 from RM8.06mil a year, boosted by its offshore business.

It said on Tuesday its revenue fell 46.5% to RM449.66mil from RM841.78mil a year ago. Its earnings per share were 2.30 sen compared with 0.5 sen.

“During the quarter, offshore registered an operating profit against the corresponding quarter's operating loss. The corresponding operating loss was caused by higher than expected cost from an ongoing conversion project undertaken,” it said.

MMHE said revenue for offshore is lower as projects in hand, except for those awarded in the current year, are nearing completion with relatively lower value of progress claims remaining.

In the quarter under review, the group had successfully loaded out the Damar Topside and Jacket for Exxon Mobil Exploration and Production Malaysia Inc. and the F14 Jacket for Sarawak Shell Bhd.

For the nine months period, its earnings fell 4.9% to RM134.58mil from RM141.64mil. Its revenue fell 12.7% to RM2.158bil from RM2.472bil..

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