PETALING JAYA: Shipbuilder Boustead Heavy Industries Corp Bhd (BHIC) has been awarded a contract worth RM703.82mil by the Defence Ministry to undertake the Service Life Extension Programme of Kasturi Class Corvettes.The contract, which was received by unit Boustead Naval Shipyard Sdn Bhd, was for an implementation period of 53 months, it said in a filing with Bursa Malaysia yesterday.

BHIC said the contract would not have any material effect on earnings for the financial year ending Dec 31, 2009, but would contribute positively to the group’s future earnings.

For its second quarter ended June 30, BHIC recorded an almost 50% dip in net profit to RM17.6mil compared with RM34.4mil in the previous corresponding period due to higher costs and lower contribution from its associate company.

However, its revenue rose 8% to RM120.3mil year-on-year, supported by projects at various stages of completion, the company said.

For the first six months, BHIC recorded a 49.8% fall in net profit to RM32.9mil while revenue grew 11.2% to RM236.1mil.

• 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