KUALA LUMPUR: Marine & General Bhd’s (M&G) revenue increased 6.9 per cent in the second quarter (Q2) ended June 30, 2018 to RM40.42 million from RM37.82 million.
In a filing to Bursa Malaysia, M&G said the higher revenue recorded for the quarter was in line with higher charter activity recorded by both upstream and downstream divisions.
The company recorded a net loss of RM11.12 million from a net profit of RM337.23 million.
M&G said its main operating subsidiary of its upstream division’s, Jasa Merin (Malaysia) Sdn Bhd (JMM), vessel utilisation fell from an average of 88 per cent in 2014 to an average of 51 per cent and 48 per cent for 2016 and 2017 respectively.
This is in line with the decline in oil price which started in mid-2014, it said.
Furthermore, it said the daily charter rate (DCR) for its vessels also fell by approximately 38 per cent from 2014.
Consequently, it said JMM’s turnover fell to RM107 million in 2016 and 2017, respectively, from RM277 million in 2014.
For the six months, M&G recorded a net loss of RM29.76 million from a net profit of RM321.25 million recorded during the same period a year ago, while revenue increased 9.3 per cent to RM74.87 million from RM68.52 million.