KUALA LUMPUR: Boustead Heavy Industries Corp Bhd (BHIC) saw a net loss of RM4.3 million in the first quarter ended March 31, 2019 (Q1’19) from a net profit of RM4.5 million a year ago mainly due to lower defence-related and commercial-based maintenance, repair and overhaul activities, negative contribution from the associates and lower negative contribution from the energy segment.
The group’s revenue fell 8.6% to RM36.3 million for the period under review compared with RM39.72 million reported in the same corresponding quarter last year.
BHIC chairman Tan Sri Ahmad Ramli Mohd Nor said while it expected the tough business conditions it faced in 2018 to spill over into the early part of 2019, BHIC remains cautiously optimistic that it can weather the challenges and turn the corner this year particularly given its improved performance in Q1’19.
Moving forward, he added that BHIC is on course to expand its customer base and pursue opportunities with other government agencies.
