Friday 29 Mar 2024
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KUALA LUMPUR (Jan 16): Two directors of Boustead Heavy Industries Corp Bhd (BHIC) — Datuk Norliza Abdul Rahim and Datuk Nasarruddin M Zin — have resigned to pursue other interests, effective Jan 16.

The two joined the group’s board as independent and non-executive directors on Sept 1, 2020 (Norliza) and Jan 27, 2022 (Nasarruddin).

In November last year, BHIC announced the resignation of Datuk Seri Mohammed Shazalli Ramly as its director, following his departure as the group managing director of parent company Boustead Holdings Bhd, after two years of service. 

BHIC has been embroiled in the fiasco of the RM9 billion littoral combat ship (LCS) project. Of the six ships ordered, not a single one has been delivered, despite the government's RM6 billion injection into the project.

It posted a net profit of RM564,000 for the third quarter ended Sept 30, 2022 (3QFY2022), down 95% from 3QFY2021's RM11.78 million, as revenue dropped due to variations in milestones attained for the Royal Malaysian Navy's submarine contracts. 

Revenue for 3QFY2022 fell 17% to RM35.9 million from RM43.3 million a year earlier.  

For the cumulative nine-month period, BHIC’s net profit dropped 72% to RM6.56 million from RM23.17 million, as revenue was down by 6% to RM103.2 million from RM109.42 million.  

BHIC was last traded at 37 sen, with a market value of RM91.93 million.  

Edited ByIsabelle Francis
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