Malaysia Marine and Heavy Engineering (MMHE) reported lower first quarter profits. The Bursa Malaysia listed shipyard arm of MISC reported a first quarter net profit of RM79.3m compared to RM110.2m in the same period a year earlier, Seatrade Asia online reports. Despite lower profits MMHE was confident looking ahead the shipyard. “Overall upstream exploration and production activities by oil and gas companies are expected to remain relatively strong and capital expenditure by Petronas are also expected to trend upwards.” The company said it was well positioned to benefit from this trend.
MMHE’s parent MISC is 67% owned by Petronas.
MMHE’s parent MISC is 67% owned by Petronas.