MHB posts higher first quarter profit

Malaysia Marine and Heavy Engineering informed its net profit rose 4.03 percent to RM35 million in the first quarter 2015, when compared to the same period a year ago.

MHB posted revenue of RM719 million for the quarter, a rise of 7 percent on year.

The company’s offshore business segment achieved a revenue of RM616 million. Among other projects, MHB is currently fabricating the jackets and connecting bridge and the external turret mooring system for the Petronas floating liquefied natural gas 2 project, it said in a statement on Monday. The offshore business segment also secured a Hook Up & Commissioning contract for the Kanowit project valued at RM30.4 million.

MHB’s marine business segment posted higher revenue and profit against the corresponding quarter mainly due to higher value of repair works for rigs, floating storage units and general cargo vessels. The marine business segment secured another enbloc repair and refurbishment contract from South Korea’s Pan Ocean, MHB added.

1 RM = 0.281603 USD

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Image: MHB