MHB share price dives as Q2 net loss widens to RM13.7m
KUALA LUMPUR: Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) has widened its net loss to RM13.7 million in the second quarter ended June 30 from RM2.56 million, as a result of weaker revenue and segmental performance.
The news pushed MHB’s share price to an all-time low of 71 sen yesterday, down 2.74 per cent from Wednesday’s close.
Year-to-date, the stock has shed more than 21 per cent.
In a filing to Bursa Malaysia yesterday, MHB said its heavy engineering segment’s revenue was 27 per cent lower than the corresponding quarter. This was mainly due to lower revenue as most projects were nearing completion.
Its revenue decreased 13.5 per cent to RM257.27 million from RM297.44 million a year ago.
For the six-month period, MHB’s net loss widened to RM30.31 million from RM10.14 million 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 remained committed to managing cost, optimising resources and improving operational efficiency, in line with the challenging environment.
It said while the group had secured several contracts during the period, it was mindful that the majority of the contribution would only be realised next year and beyond.
Diversification into new revenue streams that provided recurring income was a priority while efforts to replenish the order book continued, added the company.
An offshore construction project by Malaysia Marine and Heavy Engineering Holdings Bhd. The firm’s share price has shed more than 21 per cent yearto-date.