MMHE net loss deepens

MMHE net loss deepens

LNG carrier repair specialist Malaysia Marine and Heavy Engineering (MMHE) reported a deeper loss during the second quarter of 2017. 

The company’s net loss reached RM 13.7 million ($3.2 million) during the second quarter, dropping from RM 2.6 million in the corresponding quarter in 2016.

The group’s revenue of RM257.3 million was 13 percent lower than RM297.4 million in the corresponding quarter with operating loss widening to RM10.3 million from RM0.5 million loss in the corresponding quarter, according to the company’s report.

The marine sector, however, saw a 25 percent increase in revenue to RM99.3 million despite lower LNG vessels repair, MMHE, the unit of Malaysia Marine and Heavy Engineering Holdings (MHB), said in its statement.

The losses deepened during the first six months of 2017 to RM31 million from RM 6.1 million in the first six months of 2016.

The group’s revenue of RM493.1 million was 11 percent lower than RM 554.2 million in the corresponding 6 months period, mainly due to lower revenue in Heavy Engineering from completion of some offshore projects in the current period.

The lower value of LNG vessel repairs, impacted the group’s first half revenue, declining 9.1 percent to RM 257.3 million.

1 RM = 0.233620 USD

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