Malaysia Marine and Heavy Engineering achieved a revenue of RM1.7 billion in the first half of 2014, down 3.2 percent compared to the same period before. The company’s profit before tax was at RM60 million for the six months ended 30 June.
During the quarter under review, the Group’s offshore business segment successfully loaded out and completed the sailaway of two major topsides. The Tapis-R deck is the central processing facility for the Tapis Enhanced Oil Recovery (EOR) project, Malaysia’s first full field EOR initiative. Tapis-R deck was safely installed offshore Peninsular Malaysia. The second topside that sailed away was the 18,000 metric tonne (MT) KBB topside from MMHE East Yard. Subsequent to the sailaway, the topside was safely installed for the Kebabangan Northern Hub Development.
The marine business segment expanded its scope of services as it undertook the repair and upgrading of a third party’s dynamically positioned pipe laying vessel (DPPLV). They also did repair works for specialised vessels such as for trailing suction hopper dredger. This business segment faces competition from increased vessel repair capacity in the region but the medium term prospects remained very favourable as the continued growth in the number of shipping vessels would provide a growing need for dry docking and marine repair services.
During the period under review, MHB attained a net profit of RM74 million. Earnings per share (EPS) attributable to equity holders of MHB is 4.6 sen for the six months ended 30 June 2014. With the ongoing investments in the yard optimisation programme, the Group’s property, plant and equipment has increased to RM1.6 billion. Total equity stands at RM2.6 billion.
1 RM = 0.313185 USD
Press Release, August 5, 2014; Image: MHB