Malaysia Marine & Heavy Engineering (MMHE) saw its second quarter net profit plunged by nearly one-third due to lower earnings from the offshore segment, Seatrade Asia online reports.
Net profit for the quarter fell by 30% to MYR55.3m ($17.6m) compared to MYR79m in the same period of 2011.
Revenue improved slightly to MYR965.7m compared to MYR957.8m a year earlier.
Looking ahead, the Kuala Lumpur-listed company said the renewed focus on domestic E&P development and enhance oil recovery initiatives has created buoyant E&P activities as more projects are expected to move into development phase.
“Our offshore segment is expected to benefit from this through the replenishment of our orderbook,” MMHE said.
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