KUALA LUMPUR: Malaysia Marine and Heavy Engineering Holdings Bhd
's (MHB) net profit for its fourth quarter ended Dec 31, 2014 fell 83.8% to RM16.48mil from RM102.03mil a year ago.
In a filing to Bursa Malaysia on Thursday, the group said it's revenue dropped 30% to RM508.34mil from RM726.3mil a year ago.
Earnings per share for the quarter stood at one sen compared to 6.4 sen the same period a year earlier.
For its full year, its net profit fell 45.2% to RM129.93mil from RM236.47mil a year ago while revenue slipped 6.3% to RM2.7bil from RM2.884bil.
MHB said the group's profit was lower due to lower contributions from its offshore and marine segments
"Offshore registered lower revenue and operating profits as contribution from on going projects are relatively lower against corresponding quarter which was predominantly attributed to projects which have subsequently sailed away or nearing completion.
"Marine's revenue is higher against corresponding quarter mainly due to higher number of LNG, tankers and FSU vessels repaired," it said.
However, the group said its marine segment registered relatively lower operating profit against corresponding quarter as the latter includes reversal of provision for completed project
Moving forward, MHB said its offshore business performance will be underpinned by the current projects in hand.
"Securing the orderbook will prove to be challenging in the current uncertainty in the environment stated above MHB’s marine business is expected to remain steady despite the challenges by regional competitors with higher repair capacity," it said.
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