Boustead Heavy Industries Corporation Berhad (BHIC) recorded an improved performance for its second quarter ended 30 June 2017, with a profit after tax (PAT) of RM23.9 million, marking an increase of RM21.2 million from RM2.7 million recorded in the first quarter of 2017. This was achieved on the back of a revenue of RM43.8 million. \u00a0<\/p>\n
Earnings per share for the quarter under review stood at 9.64 sen, while net assets per share was RM 1.47 as at 30 June 2017.<\/p>\n
Tan Sri Ahmad Ramli Hj Mohd Nor, Executive Deputy Chairman and Managing Director, BHIC, said, \u201cWe are pleased to have delivered an improved performance for the second quarter of the year. The Group\u2019s results were mainly attributable to defence-related maintenance, repair and overhaul (MRO) activities.\u201d<\/p>\n
\u201cFurthermore, the oil and gas segment recorded an additional revenue of RM5.8 million in relation to the Belum Topside project. Our joint venture companies posted a positive contribution of RM5.9 million largely due to favourable foreign exchange translations arising from trade payables. Contribution from our associate companies was primarily due to revenue recognised under the Littoral Mission Ship (LMS) project as well as reversal of provision.\u201d<\/p>\n
During the quarter under review, a Keel Laying Ceremony was held for the second of six units of Littoral Combat Ships (LCS) being built at BNS for the Royal Malaysian Navy (RMN). The construction of the blocks and systems as well as engineering integration development activities of the first unit of the LCS is currently ongoing while the construction of the second and third units has commenced. The first LCS is expected to be launched in the third quarter of 2017, with its delivery targeted for 2019. The remaining five ships will be delivered at regular intervals thereafter.<\/p>\n
\u201cIn line with RMN\u2019s new 15 to 5 fleet transformation plan, the Group is poised to tap into the shipbuilding opportunities that will materialise as a direct result of RMN\u2019s efforts to strengthen as well as modernise its armada.\u201d<\/p>\n
\u201cMoving forward, we are encouraged by the prospects ahead for our aviation segment particularly with the Letter of Award from the Ministry of Defence to the Group\u2019s joint venture company, BHIC AeroServices Sdn Bhd for the extension of the In Support Service (ISS) contract for the Royal Malaysian Air Force for another three years, with an additional contract value of RM215 million.\u201d<\/p>\n
\u201cOur associate, Boustead Naval Shipyard Sdn Bhd (BN Shipyard) has executed a formal contract with the Ministry of Defence Malaysia for the supply of four units of LMS for the RMN. We expect the contracts awarded to our associate and joint venture companies to contribute positively towards our future earnings.\u201d\u00a0<\/p>\n
\u201cIn addition, the Group will continue to pursue potential contracts with the Royal Malaysian Police and Malaysian Maritime Enforcement Agency as well as regional business opportunities,\u201d he concluded.<\/p>\n
\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
Boustead Heavy Industries Corporation Berhad (BHIC) recorded an improved performance for its second quarter ended 30 June 2017, with a profit after tax (PAT) of RM23.9 million, marking an increase of RM21.2 million from RM2.7 million recorded in the first quarter of 2017. This was achieved on the back of a revenue of RM43.8 million. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-865","post","type-post","status-publish","format-standard","hentry","category-corporate"],"_links":{"self":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/865","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/comments?post=865"}],"version-history":[{"count":1,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/865\/revisions"}],"predecessor-version":[{"id":6237,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/865\/revisions\/6237"}],"wp:attachment":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/media?parent=865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/categories?post=865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/tags?post=865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}