KUALA LUMPUR: Malaysia Marine and Heavy Engineering Holdings Bhd's (MMHE) net loss in the financial year ended Dec 31, 2020, widened to RM396.81mil as compared to a net loss of RM34.22mil a year ago on the back of an impairment loss on property, plant and equipment and right-of-use assets."The impairment loss was recognised in view of the current oil and gas downturn and the expected prolonged recovery of the industry," it said in a statement.Owing to the downturn, group revenue for the year had plunged 55% to RM1.57bil from RM1.01bil in previous year.In the fourth quarter alone, the group incurred a net loss of RM8.56mil versus a net profit of RM9.28mil despite a 152% increase in revenue to RM695.5mil from RM275.6mil in the same quarter last year.Over the course of the year, revenue in the heavy engineering arm rose to RM1.2bil from RM578.6mil in the previous year due to higher contributions from ongoing projects.Nevertheless, it posted a wider operating loss of RM92.3mil compared to RM60.3mil in FY19 due mainly to additional cost provision and associated higher unabsorbed overheads arising from the Covid-19 pandemic.In the marine segment, operating loss came to RM9.1mil versus an operating profit of RM8.4mil in the prior year in tandem with lower revenue and higher unabsorbed overheads.Moving forward, MMHE managing director and CEO Pandai Othmas said the global oil market has entered the infacy stage of recovery while Opec+ has helped to stabilise the market by relaxing production quotas."However, a swifter rebound looks to be at risk in view of renewed lockdowns in several major oil importing countries to curtail the spread of the new COVID-19 strain."As such, we remain cautious on the prospects of order book replenishment in the near term in view of uncertainties surrounding the timing of capital spending by oil majors," he said.The group’s total assets and total equity at the end of the period under review stood at RM3.1bil and RM2bil respectively.
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