KUALA LUMPUR: Marine & General Bhd, formerly known as Silk Holdings Bhd, returned to the black with a net profit of RM337.23 million for the second quarter ended June 2017, from a net loss of RM16.93 million, a year ago. This is mainly due to the disposal of its entire shareholding in SistemLingkaran Lebuhraya Kajang Sdn Bhd for RM390 million. The comparatively lower revenue for the quarter and the impairment charge incurred, translated into a loss before tax of RM 81.1 million, an increase to the RM 18.5 million, recorded previously. Downstream division which began in June last year recorded revenue of RM 14.2 million for the quarter and a pre-tax loss of RM 0.6 million. With all three vessels chartered out, the division recorded an average utilization rate of 88 per cent for the quarter.

Source: New Strait Times August 29, 2017 13:07 UTC