Malaysia: MHB Q3 Profit Down

Malaysia Marine and Heavy Engineering Holdings Berhad announced its financial results for the period of nine months ended 30 September 2012. The Group achieved revenue of RM2,473 million with profit before tax of RM158 million.

Since the announcement of the Company’s previous quarterly results in August 2012, MHB has loaded out two projects for ExxonMobil Exploration and Production Malaysia Inc. (EMEPMI). The first was the sailaway of the Telok-A topside and jacket, while the second project was the load-out of Tapis-Q topside and jacket which are part of the Tapis Enhanced Oil Recovery (EOR) Project by EMEPMI.

Managing Director & Chief Executive Officer, Mr. Dominique de Soras commented, “The Telok Gas Development Project was identified as one of the Entry Point Projects under Malaysia’s Economic Transformation Programme. Our MMHE West Yard continues to work towards completing the Telok-B topside and jacket, and for the much larger Tapis-R integrated deck which we target to deliver in 2013”.

In the offshore business segment, revenue improved with the ongoing execution of the Tapis EOR and Kebabangan Northern Hub Development projects. However, profit contributions were lower when compared to the previous corresponding period at RM110 million due to provision for higher expected expenses by an on-going conversion project.

The marine business segment posted encouraging improvements in revenue and also profit contribution due to the repair, construction, life extension and conversion of the Tenaga Satu LNG vessel into FSU Lekas. This project has been completed and delivered in addition to other projects for LNG tankers and other vessels.

At the bottomline, MHB attained a net profit of RM142 million with 8.9 sen basic earnings per share (EPS) attributable to equity holders for the period of nine months ended 30 September 2012. MHB’s total assets increased to RM4,897 million, of which RM1,168 million consisted of cash and bank balances.

1 Malaysian ringgit = 0.3270 US dollars

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LNG World News Staff, November 20, 2012; Image: MHB