M&G returns to the black with small profit
PETALING JAYA: Marine & General Bhd (M&G) has turned around with a net profit of RM148,000 from a previous net loss of RM154.74mil for the quarter ended Dec 31, 2018, This was on the back of a 32.76% increase in revenue to RM51.31mil.
The better results were due to a one-time vessel depreciation adjustment amounting approximately to RM9mil to reflect the vessel residual value at the end of its economic life.
There was also a non-recurring vessel impairment loss of RM202mil incurred during the same quarter of the previous year.
Since selling off its highway – the Silk highway concession – to Permodalan Nasional Bhd for RM380mil in 2017, M&G’s business presently consists of marine logistics in the upstream and downstream segments.
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