MMHE optimistic about O outlook
PETALING JAYA: Oil and gas (O services provider Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) recorded a 4% year on year (y o y) increase in net profit to RM36mil for the first quarter ended March 31, 2015 on contributions from repairing vessels, floating storage units (FSUs) and general cargo businesses.
Revenue for the quarter under review increased 7.2% y o y to RM719.5mil.
The company said its
cheap oakleys marine business segment revenue and operating profit were higher against the previous corresponding quarter, mainly due to higher value for vessels repaired from rigs, FSUs and general cargo
oakley sunglasses discount categories.
It also noted that while the offshore business segment recorded higher revenue from progress attained from the ongoing SK316 project during the quarter, there was
oakley sunglasses discount lower operating profit due to higher extra costs to complete
fake cheap oakleys some existing projects.
Regarding the near term prospects, MMHE said the outlook for the O sector remained challenging, as major oil companies re evaluate their spending to cushion the impact of low oil prices.
Nasional Bhd, for
fake oakley sunglasses instance, has announced a reduction in capital expenditure of between 15% and 20% from the RM60bil allocated. Given the budget tightening,
fake oakley wholesale order book replenishment will be a challenge, MMHE said in a statement.
However, MMHE management is reasonably optimistic that oil
fake cheap oakleys prices will eventually recover, and thus, the need to develop new reserves remain a priority for oil companies.Articles Connexes：