KUALA LUMPUR: The first-quarter losses booked by Malaysia Marine and Heavy Engineering Holdings Bhd
(MMHE) could be a short-term setback for the company as its net cash position will enable it to ride out the current down market.
MMHE was in the red for the first quarter ended March 31,2021 (Q1’21) mainly due to losses at its marine and heavy engineering operations, which were affected by the movement control order (MCO) 2.0 and seasonal weakness.
Its headline net loss of RM104mil in Q1’21 consisted mainly of the RM68mil provision for an ongoing engineering, procurement, construction, installation and commissioning heavy engineering project that is currently undergoing commissioning offshore.
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