Published: Tuesday November 20, 2012 MYT 2:21:00 PM
Updated: Tuesday November 20, 2012 MYT 2:30:30 PM
MMHE net profit down 89%
KUALA LUMPUR: Malaysia Marine and Heavy Engineering Holdings Bhd third quarter net profit slumped by almost 90% to RM8.05mil from RM80.2mil recorded in the previous corresponding quarter.
The group said in filings that its current results was lower due to provision for higher than expected expenses incurred by an on-going conversion project and from the share of losses arising from the jointly controlled entities' performance.
Revenue was higher at RM841.7mil from RM463.08mil.
For its nine-month period ended Sept 30, the group achieved a lower net profit of RM141.6mil compared to RM287.8mil recorded previously.
Revenue rose to RM2.47bil from RM2.34bil.