KUALA LUMPUR (Dec 23): Marine & General Bhd sank into the red for the second quarter ended Oct 31, 2021 (2QFY22) with a net loss of RM10.03 million or 0.45 sen per share from a net profit of RM56.06 million or 4.38 sen per share for the corresponding quarter in the previous year.

According to the group's filing with the bourse, its business operations were significantly affected by the outlook of the oil and gas industry, which is expected to continue to be challenging in light of the uncertain demand for oil due to the continuing Covid-19 pandemic.

In contrast, its quarterly revenue rose 13.76% to RM54.11 million from RM47.56 million in the same quarter last year on higher charter activities by both upstream and downstream divisions.

Compared with the immediate preceding quarter, it posted a smaller net loss in 2QFY22 from RM17.17 million in 1QFY22, while revenue grew 21.17% from RM44.66 million previously.

For the six months ended Oct 31, 2021, the group also registered a cumulative net loss of RM27.2 million compared with a net profit of RM41.08 million a year earlier.

Cumulative six-month revenue declined 3.97% to RM98.77 million from RM102.85 million, noted Marine & General.

Moving forward, the group said the ongoing Covid-19 pandemic remains a key risk to its outlook for the financial year ending April 30, 2022 given the recent emergence of new Covid-19 variants, the resurgence of new cases, and the re- implementation of travel restrictions.

"However, taking the scenarios of the United States, Europe and China where the Covid-19 pandemic has reduced upon achieving significant progress in their vaccination programmes, and in line with the government's aggressive vaccination drive to achieve the same by end-2021, the board expects the pandemic-induced restrictions to be gradually lifted by 2022, which would enable economic activities to resume," it added.

Marine & General's shares closed unchanged at five sen, with a market capitalsiation of RM36.19 million.