MHB aims to bid for more jobs
Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) will continue on its diversification exercise and bid more related jobs to maintain sustainability.
While exploring new businesses, the shipbuilding and heavy engineering industries company will also work on costs cutting measures to be more competitive as it expects the crude oil prices to remain volatile in 2017.
Further, MHB will continue to develop its capability on the onshore segment catering to Petrochemical Integrated Development (RAPID) and several other identified projects, which MHB is evaluating its potentials.
Further, MHB will also continue to focus on the offshore segment services such as facilities/platform improvement and maintenance which the company gained foothold since 2014.
For the financial year ended 31 December 2016, MHB posted a net loss of RM134 million on the back of RM1.19 billion in revenue due to contraction in the oil and gas industry and scarcity of new contract wins.
In addition, MHB also recorded an impairment of RM141 million in view of the dire economic outlook.