KUALA LUMPUR (Aug 30): Muhibbah Engineering (M) Bhd’s second quarter net profit slipped 12.78% to RM33.0 million, from RM37.83 million a year earlier, due to a lower revenue.

Earnings per share for the quarter ended June 30, 2018 fell to 6.87 sen from 7.88 sen previously, the group said in a stock exchange filing.

Revenue dropped 33.39% to RM311.62 million, from RM467.85 million in last year’s second quarter.

Muhibbah said its crane division registered lower profit, mainly due to lower revenue from sale of offshore cranes.

For its cumulative six months ended June 30, 2018 (1HFY18), net profit was up 3.02% to RM69.18 million or 14.4 sen per share, versus RM67.15 million or 13.98 sen per share a year earlier.

Six-month revenue, however, was down 20.95% to RM560.71 million, from RM709.34 million previously (1HFY17).

Looking ahead, the group said it continues to pursue infrastructure and marine projects from both overseas and domestic markets.

As of today, the group’s total outstanding secured order book in hand for its construction and cranes division is RM2 billion.

Shares of Muhibbah Engineering closed three sen or 0.97% higher at RM3.13 today, for a market capitalisation of RM1.51 billion.