For the cumulative financial period under review, Boustead Heavy Industries Corporation Berhad recorded revenue of RM77.7 million, RM25.5 million was lower than RM103.2 million reported in the same corresponding period last year. The decrease it said was attributable to variations in the milestones achieved for submarine contracts.
Results from operations stood at RM18.5 million, lower than the RM24.9 million recorded in the same corresponding period last year due to lower contributions from submarine projects and other defence-related maintenance, repair, and overhaul (“MRO”) projects. The impact was partly cushioned by the reversal of the expected credit loss (“ECL”) of RM4.0 million (FPE 30 September 2022: RM Nil).
Increase in finance cost to RM15.4 million from RM13.0 million in the same corresponding period last year owed to a higher weighted average interest rate of 6.10% (FPE 30 September 2022: 5.18%) and advances from related companies. Higher negative contribution from joint venture companies of RM4.0 million (FPE 30 September 2022: loss of RM1.2 million) added to the losses, as a result of lower demand from customers and higher operating expenses.
For the financial period under review, the Group posted a loss after taxation of RM7.2 million versus RM6.6 million profit after taxation in the same corresponding period last year.
