KUALA LUMPUR: JF Apex Research has slashed its earnings forecasts on Boilermech Holdings Bhd
due to lower revenue and eroded margins from the Covid-19 pandemic.
The group’s recently released earnings showed a 63.8% year-on-year (y-o-y) plunge in first quarter financial year 2021 (FY21) net profit to RM2.3mil, which came to only 9.1% of JF Apex’s full-year estimate.
The weaker results came on the back of a 47.3% y-o-y fall in revenue on the back of lower project deliveries from both the bio-energy and water treatment segments.
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