PETALING JAYA: Marine & General Bhd (M&G) managed to return to the black following its debt restructuring programme.
The company posted a net profit of RM56.1mil for its second quarter ended Oct 31,2020, compared to a net loss of RM12.1mil in the corresponding quarter a year ago, due to a RM106.8mil debt restructuring gain and lower finance costs.
In a statement, the marine logistics group said the recognition of the restructuring gain followed the completion of a debt-restructuring scheme for its upstream division involving RM925mil in borrowings during the quarter.
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