Malaysia: MHB revenue down

Malaysia Marine and Heavy Engineering (MHB) posted a revenue of RM1.3 billion for the first half of 2015, as compared to RM1.65 billion for the same period a year before.

MHB’s marine business segment recorded growths in revenue and profit against the same corresponding period last year, mainly due to the higher value of repair works.

Its profit margin improved with higher contributions from the rig, LNG and FSO/FPSO segments.

For the second quarter, the marine business secured contracts for the repair life extension and dry-docking of two LNG carrier vessels and the conversion of a vessel into an FSO facility totaling RM126 million.

For the 6 month period, MHB attained a net profit of RM54 million.

Managing Director and Chief Executive Officer, Tuan Haji Abu Fitri Abdul Jalil said, “The recovery in the crude oil prices and the energy industry remain highly uncertain confluence of unfavourable developments that are taking place“.

“The marine business is expected to remain brisk with steady work orders from new and repeat clients,” added Tuan Haji Abu Fitri.

1 Malaysian ringgit = 0.262158 U.S. dollars

LNG World News Staff; Image: MHB