Marine & General Berhad announced its results for the quarter ended 31 January 2024 today, reporting a revenue of RM88.4 million, representing a 20% improvement compared to the revenue recorded in the preceding year corresponding quarter.
This improvement it said was in line with an increase in operating level during the current quarter. Accordingly, the fleet utilisation for both Upstream and Downstream Divisions was 77% and 78% respectively as compared to 69% and 92% respectively recorded in the preceding year corresponding quarter.
The Upstream Division continued as the main revenue contributor, generating 77% of the Group’s revenue, while the Downstream Division generated the balance 23%.
During the current quarter, the Group disposed-off one (1) tanker under the Downstream Division and recognised a gain of RM9.7 million. Taking into account higher revenue earned and gain from disposal of a tanker, the Group recorded profit after tax of RM13 million against a loss of RM800,000 in the previous years quarter.
For the current 9-month cumulative period, the Group recorded RM264.9 million revenue, reflecting a 14.6% increase over the preceding year corresponding period. The increase it added was in line with higher charter activities and charter rates for both Upstream and Downstream Divisions.
For the current 9-month cumulative period, the Group, taking into account the higher revenue earned and gain from disposal, recorded a profit after taxation of RM28 million compared to RM14 million in the preceding year corresponding 9-months period.
