MMHE's share price down on widened Q1 net loss

PETALING JAYA: Malaysia Marine and Heavy Engineering Holdings Bhd's (MMHE) share price fell 5% this morning after its net loss for the first quarter ended March 31, 2018 widened to RM25.27 million from RM16.61 million a year ago due to lower revenue from the heavy engineering and marine segments.
At 10.38am, MMHE stood at 76 sen with 326,500 shares traded.
MMHE's revenue fell 20% to RM188.28 million compared with RM235.84 million in the previous year's corresponding quarter.
The group said there are early signs of a pick up of upstream and offshore activities, which will lead to a recovery in oil and gas spending in the coming years. However, this is unlikely to translate into immediate opportunities in 2018.