KUALA LUMPUR, Oct 27 — Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) returned to the black with a net profit of RM2.64 million for the third quarter (Q3) ended September 30, 2020 against a net loss of RM4.66 million a year ago.
Revenue rose 45.3 per cent yrear-on-year to RM369.46 million mainly due to higher revenue from the heavy engineering segment, the MISC Bhd subsidiary said in a filing with Bursa Malaysia today.
It said the company posted basic earnings per share of 0.20 sen from loss per share of 0.30 sen previously.
Newly-appointed managing director and chief executive officer Pandai Othman said the uncertainty would continue to shroud the oil market for the rest of the year as the rise of new Covid-19 cases worldwide had renewed concerns on mobility restrictions, posing a threat to the recovering oil demand.
“Tighter border control is imminent to prevent an upswing of cases which could disrupt business operations and supply chain again,” he said in a separate statement.
He said with these lingering effects from the pandemic, the company had seen significant cuts to oil and gas capital spending and deferments of final investment decisions by oil majors.
He added that the situation was expected to continue, thus limiting the company’s ability to secure new orders in the interim. — Bernama
