M&G returns to the black with small profit

PETALING JAYA: Marine & General Bhd (M&G) has turned around with a net profit of RM148,000 from a previous net loss of RM154.74mil for the quarter ended Dec 31, 2018, This was on the back of a 32.76% increase in revenue to RM51.31mil.

The better results were due to a one-time vessel depreciation adjustment amounting approximately to RM9mil to reflect the vessel residual value at the end of its economic life.