BHIC Sails Back Into Black In Q2

Boustead Heavy Industries Corp Bhd (BHIC) recorded a net profit of RM10.3 million for the second quarter ended June 30 2013 compared to a loss of RM17.21 million in the same quarter last year.

BHIC said this was due to the heavy engineering segment’s profit generated mainly by its subsidiaries’ maintenance, repair and overhaul related services. Revenue rose 7.3 per cent to RM61.8 million from RM57.6 million previously.

“The group is well-positioned to continue delivering stronger results in the coming months,” said deputy chairman and managing director Tan Sri Ahmad Ramli Mohd Noh.

BHIC attributed the revenue rise to the chartering segment, which recorded better utilisation and rates than last year.

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Press Release, August 8, 2013