KUALA LUMPUR (May 4): Malaysia Marine And Heavy Engineering Holdings Bhd (MHB) reported a RM25.27 million net loss in its first quarter of financial year 2018 (1QFY18), versus a net loss of RM16.61 million a year earlier. The oil and gas support services provider said it registered lower revenue from its heavy engineering and ship repair businesses.

MHB told Bursa Malaysia today that group revenue fell to RM188.28 million in the first quarter ended March 31, 2018, from RM235.84 million. MHB places its ship repair business under the group's marine segment.

"(Heavy engineering) revenue of RM111.3 million was 27% lower than RM153.5 million in the corresponding quarter, mainly due to lower revenue recognised from completed or sailaway projects, while ongoing projects are either nearing completion or still at early stages. (Marine) revenue of RM77.0 million was lower than RM82.4 million reported in the corresponding quarter, mainly due to lesser repair works performed as some ship owners have deferred their dry docking to a later period than planned.

"The group is committed to its strategy of expanding into new business segments in the oil and gas services, to ensure sustainability of income. Replenishment of order book for both marine and heavy engineering segments remains a top priority," MHB said.

At 12:30pm, MHB shares settled at 81 sen for a market value of RM1.3 billion. The stock saw 139,900 shares traded.