Malaysia Marine and Heavy Engineering Q1 loss deepens

LNG carrier repair specialist Malaysia Marine and Heavy Engineering’s (MHB) pre-tax loss deepened in the first quarter of 2018, despite early signs of pick up in upstream and offshore activities. 

The company reported a pre-tax loss of 25.3 million Malaysian ringgit ($6.4 million) for the first quarter of 2018, compared to 17.6 million Malaysian ringgit in the corresponding period last year.

However, the company’s managing director and CEO Mashitah Wan Abdullah Sani, said, “this is unlikely to translate into immediate opportunities in 2018. The Heavy Engineering segment continues to suffer from the scarcity of new contracts and accordingly, performance in 2018 is expected to remain under pressure.”

The company’s revenue reached 188.3 million for the first quarter, MHB’s quarterly report shows.

The marine segment registered a lower revenue of 77.0 million Malaysian ringgit, compared to 82.4 million Malaysian ringgit in the corresponding period mainly due to lesser repair works performed as some ship owners have deferred their dry docking to a later period than planned.

For the three months period, the marine segment completed the repair and maintenance of twenty vessels of various categories.