KUALA LUMPUR: Malaysia Marine and Heavy Engineering Holdings Bhd
(MMHE) sank into the red in the second quarter ended June 30, 2023 (2Q23).
The company posted 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 2Q22, according to a filing with Bursa Malaysia.
For top line, however, MMHE posted a revenue of RM1.06bil in the quarter under review, which was more than double the RM400.63mil registered in the same quarter in 2022. According to the group, the provisions were owing to a revised schedule for ongoing projects, which caused the extension of delivery dates.
It noted, however, that the Kasawari project sailed-away offshore after the second-quarter reporting period, which met the requirements of the client.
In the six-month period to June 30, 2023, MMHE’s net loss was at RM385.16mil on revenue of RM1.55bil against a net profit of RM24.69mil and revenue of RM818.41mil in the same period in 2022.
