BHIC earnings dampened by higher project costs
PETALING JAYA: Boustead Heavy Industries Corp Bhd (BHIC) posted a net profit of RM18.6mil in the last quarter ended Dec 31, or 24% higher, compared with RM14.97mil made a year ago. Revenue eased to RM163.6mil from RM169.3mil.But the improved earnings in the last quarter were not enough to lift the group’s 2009 fiscal year (FY09) net profit of RM76.28mil above FY08’s performance of RM115.1mil.
In a filing with Bursa Malaysia, BHIC attributed the profit decline to “higher cost of projects and lower share of profits” from an associate.
“In 2009, our share of contribution from associates was lower because in 2008 there was a reversal of notional tax charge of approximately RM21.2mil,” it said.
Revenue for FY09 was higher at RM543.8mil against RM496.3mil previously. BHIC also proposed an interim dividend of 6 sen per share, to be paid on April 8 to registered shareholders as at March 18.
In a separate statement yesterday, managing director vice-admiral (Rtd) Tan Sri Ahmad Ramli Mohd Nor said Boustead DCNS Naval Corp Sdn Bhd, the joint venture company set up to provide “in-service support” to the Prime Minister’s class Scorpene submarines, had begun operations.
“Besides providing the in-service support to the navy, the other prime objective is to acquire the transfer of knowhow from DCNS in the maintenance of the submarines. This programme will be strictly measured for performance via key performance indicators,” he said.
Source: The Star
More news
- BHIC GROUP EXPECTS BETTER SECOND HALF RESULTS
Posted on 17th August, 2010
- BHIC’S JV AWARDED EURO 193 MILLION AND RM 532 MILLION
Posted on 13th August, 2010
- Taklimat Industri Untuk ‘Penyertaan Industri Malaysia’ Dalam Projek Pembinaan Kapal
Posted on 27th May, 2010
- BHIC seeks to renew navy vessel job
Posted on 4th April, 2010
- Boustead Heavy keen to build more naval patrol vessels
Posted on 4th April, 2010
- BHIC catat untung rendah RM95 juta
Posted on 24th February, 2010
- BHIC 4Q net profit up 24.5% at RM18.6m
Posted on 24th February, 2010
- BHIC earnings dampened by higher project costs
Posted on 24th February, 2010
- Boustead Naval formalises ship deal
Posted on 5th December, 2009
- Boustead Heavy wins RM704mil Mindef contract
Posted on 14th August, 2009
|
