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

Share this article

Follow LNG World News

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

read more >

LNG Pricing, Trading & Hedging Singapore

LNG Pricing, Trading & Hedging training program has been completed by hundreds of leading traders, analysts, risk managers…

read more >

LNG Pricing, Trading & Hedging Houston

LNG Pricing, Trading & Hedging training program has been completed by hundreds of leading traders, analysts, risk managers…

read more >

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >