BHIC sees lower losses in fourth quarter

PETALING JAYA: Boustead heavy Industries Corp Bhd saw lower fourth quarter net losses of RM4.5 million for the quarter ended Dec 31, 2014 compared to a net loss of RM28.1 million due to a strong contribution from an associate, which largely offset provisioning in certain joint venture companies.
This was on higher revenue of RM120 million, compared to RM111.7 million revenue for the same period in 2013.
Earnings per share stood at 7.18 sen for the full year which saw an increase, compared with 1.27 sen in the previous year. The group's net assets per share was RM1.21 as at Dec 31, 2014.
The group intends to expand cautiously into the oil and gas business which are sustainable. The current Belum Sattelite (BE-SA) Topsides Facilities for Murphy's Sarawak SK309/311 Gas Development project is expected to be delivered in the first half of 2015.
All Chulan tankers are now under bareboat charter arrangement. BY placing the tankers under bareboat charter, the costs of managing and operating the vessels such as crewing, bunkering, provisioning and maintaining the vessels is being borne by the charterer. This will subsequently reduce the operating costs under the chartering segment.
The heavy engineering segment will continue to drive the BHIC group's performance through defence related maintenance, repair and overhaul activities.
For the 12-month ended Dec 31, 2014 made a net profit of RM17.9 million, compared to RM3.2 million for the year before.