Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) has shed almost a-third of its earnings for the financial year ended Dec 31, 2015 to RM43.89mil from RM129.93mil a year ago.
The decline in in net profit was due to lower contribution from MMHE’s offshore segment as well as the impact from recognition of impairment on both goodwill (RM62.8mil) and assets (RM37mil).
“This is taken in view of the continued depressed outlook for the oil and gas industry with the drop in crude oil prices,” it said in a statement on Wednesday.
However, revenue grew 8.9% to RM2.46bil against RM2.7bil in 2014.
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The decline in in net profit was due to lower contribution from MMHE’s offshore segment as well as the impact from recognition of impairment on both goodwill (RM62.8mil) and assets (RM37mil).
“This is taken in view of the continued depressed outlook for the oil and gas industry with the drop in crude oil prices,” it said in a statement on Wednesday.
However, revenue grew 8.9% to RM2.46bil against RM2.7bil in 2014.
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