MMHE 3Q net profit up 36.8pct to RM134.14m, boost from engineering, construction

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2:11 PM | Aizat Chik Suliman | No comments
KUALA LUMPUR: Malaysia Marine and Heavy Engineering Holdings Bhd’s net profit rose 36.8% to RM134.15 million from RM97.99 million a year ago due to its engineering and CONSTRUCTION [] business.

It said on Tuesday, Feb 22 that revenue slipped 9.8% to RM1.316 billion in the quarternended Dec 31, 2010 from RM1.459 billion. Earnings per share were 8.8 sen versus 7.30 sen.

On the prospects, it said the continued active upstream exploration and production activities by the oil and gas companies is expected to remain relatively strong, adding it remained positive on the outcome of the tenders it has submitted.

“In addition the engineering and construction segment continues to benefit from existing level of activities from major projects such as the Gumusut-Kakap FPS and the Turkmenistan Block1 Phase1.The performance of marine repair and conversion segment is expected to remain at prevailing level,” it said.

For the nine months, earnings rose 96.3% to RM322.11 million from RM164.05 million in the previous corresponding period while revenue declined by 22.8% to RM3.512 billion from RM4.550 billion.

source: http://bit.ly/eFezah
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