By BERNAMA
Malaysia Marine and Heavy Engineering Holdings Bhd’s (MHB) pre-tax profit decreased to RM17.57 million in the second quarter (Q2) ended June 30, 2015 from RM25.70 million in the same period a year ago.
In a filing to Bursa Malaysia, MHB said revenue dropped to RM582.14 million from RM980.92 million.
For the quarter under review, MHB successfully completed the sub-structures for the SK316 project, namely the jacket for the central processing platform and topside for the wellhead platform, as well as repairing works for the Nautica Tembikai crude oil tanker.
For the first half of 2015, the group’s pre-tax profit declined to RM52.57 million from RM59.78 million while revenue fell to RM1.30 billion from RM1.65 billion in the same period last year.
Managing director and chief executive officer Abu Fitri Abdul Jalil said the recovery in the crude oil prices and energy industry remained highly uncertain given a confluence of unfavourable developments that are taking place.
“For the offshore business segment, we will continue to implement the initiatives that we have embarked on to mitigate the impact of the current adverse cycle.
“The marine business is expected to remain brisk with steady work orders from new and repeat clients,” he said in a statement.
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