Latest news with #MalaysiaMarineandHeavyEngineeringHoldingsBhd
The Star
27-05-2025
- Business
- The Star
MHB's profit up 17.4% in 1Q25
KUALA LUMPUR: Malaysia Marine and Heavy Engineering Holdings Bhd 's (MHB) net profit rose 17.4% to RM12.2mil in the first quarter ended March 31, compared with RM10.4mil in the year-ago quarter, contributed by both heavy engineering and marine segments. Revenue, however, more than halved to RM453.1mil from RM984.5mil previously. The decline was primarily due to lower revenue contribution from the heavy engineering segment. Its earnings per share rose to 0.80 sen against 0.70 sen a year ago. The heavy engineering segment posted revenue of RM320.2mil, down from RM869.1mil a year ago, due to lower activity from projects nearing completion, while operating profit rose to RM2.2mil from RM0.3mil, supported by the successful close-out of completed projects. The marine segment recorded revenue of RM132.9mil, up from RM115.4mil a year ago, due to higher conversion activities, with operating profit rising to RM17.4mil from RM13.8mil in line with the improved topline. The energy and marine solutions provider said that despite the challenging environment, its heavy engineering segment remains supported by a healthy order book and growing opportunities in the new energy sector. 'Leveraging on its technical expertise and industry experience, the segment will continue to sustain its presence in conventional energy while driving growth in new energy sectors to maintain a well-balanced portfolio,' MHB said.
New Straits Times
21-04-2025
- Business
- New Straits Times
MHB's unit faces RM57mil arbitration claim from subcontractor
KUALA LUMPUR: Malaysia Marine and Heavy Engineering Holdings Bhd (MHB)'s unit Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE), has been served with a notice of arbitration involving a claim of RM57.3 million. The notice, dated April 11, stems from a dispute over a subcontract for the Bokor Phase 3 redevelopment project labeled as Package A, the group said in a filing with Bursa Malaysia today. Under the subcontract, Haumea Offshore, formerly known as Trans Fame Offshore Sdn Bhd, was appointed to carry out hook-up and commissioning works, including providing marine vessels for the project. The arbitration, filed under the Asian International Arbitration Centre rules, concerns disagreements over the performance of the works. The claim includes alleged losses, interest, costs and any other relief deemed appropriate by the arbitral tribunal. MHB said the financial impact on the group will depend on the outcome of the proceedings, but no operational disruptions are expected. It added MMHE intends to vigorously contest the claim and is considering a counterclaim, along with any additional legal remedies available under Malaysian law.
