Marine & General returns to the black in 2Q17

Marine & General Bhd recorded a net profit of RM337.6 million in the second-quarter ended June 30, 2017 (2Q17), against a net loss of RM16.9 million in the corresponding quarter last year on the back of a disposal gain in Sistem Lingkaran Lebuhraya Kajang Sdn Bhd (SILK).

In an exchange filing yesterday, the offshore marine services provider noted the one-off disposal from SILK contributed to its earnings for the quarter by RM390 million.

Revenue for the period stood at RM37.8 million, a decline of 8% from RM41.2 million made in the same period last year, mainly due to declining performance of the marine logistics — upstream division which was affected by the recognition of an RM48.9 million vessel impairment charge for the quarter.