KUALA LUMPUR: Malaysia Marine and Heavy Engineering Holdings Bhd
(MMHE) sank into the red in the second quarter ended June 30, 2023, with a net loss of RM388.7mil as compared to a net profit of RM22mil in the previous corresponding quarter on the back of additional cost provisions in the heavy engineering segment.
This led to the group incurring a loss per share of 24.3 sen against earnings per share of 1.4 sen in 2QFY22, according to a filing with Bursa Malaysia.
For topline, however, MMHE posted a revenue of RM1.06bil in the quarter under review, which was more than double RM400.63mil registered in the same quarter in 2022.
According to the group, the provisions were owing to a revised schedule for ongoing projects, which caused the extension of delivery dates.
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