KUALA LUMPUR: Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) has widened its net loss to RM13.7 million in the second quarter (Q2) ended June 30, 2017 from RM2.56 million in line with weaker revenue and segmental performance.
In a filing to Bursa Malaysia today, MHB said its heavy engineering segment’s revenue was 27 per cent lower from the corresponding quarter, mainly due to lower revenue as most on-going projects are nearing completion.
Its revenue in Q2 decreased 13.5 per cent to RM257.27 million from RM297.44 million.
For the six-month period, MHB’s net loss widened to RM30.31 million from RM10.14 million recorded in the same period last year.
Its revenue in the same period decreased 11 per cent to RM493.11 million from RM554.16 million.
MHB said it remains committed to its strategy in managing cost, optimising its resources and improving operational efficiency in line with the challenging environment.
It said while the group has successfully secured several contracts during the period, it is mindful that majority of the contribution will only be realised in 2018 and beyond.
Diversification into new revenue streams that provide recurring income is a priority while efforts to replenish the order book continue, it said.