Marine & General records RM28.34mil net loss for FY22

KUALA LUMPUR: Marine & General Bhd (M&G) recorded net loss of RM28.34 million for the financial year ended April 30, 2022 compared with the previous year.

However, revenue for the year jumped 17 per cent to RM219.6 million vis-a-vis 2021.

For the fourth quarter ended April 30, 2022, M&G returned to the black and chalked up a net profit of RM3.5 million versus a net loss of RM10.27 million.

Its revenue for the period under review improved to RM63.24 million from RM46.79 million, the company said in a filing with Bursa Malaysia today.

In a separate statement, M&G said its revenue showed an improvement of 35.2 per cent compared to the revenue recorded in the preceding year's corresponding quarter.

"Fleet utilisation for both upstream and downstream division increased to 67 per cent and 86 per cent respectively compared to the preceding year’s corresponding quarter.

"The upstream division continued as the main revenue contributor for the quarter, generating 77 per cent of group revenue, while the downstream division generated the balance 23 per cent,” it added. - Bernama

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