Muhibbah Q1 profit falls below expectations

Construction activities are expected to gradually resume in the second half of the year. As of March, the outstanding orderbook stood at RM1.3bil, providing one to two years of earnings visibility.

PETALING JAYA: Muhibbah Engineering (M) Bhd’s earnings for the first quarter of financial year 2020 were below analysts’ expectations as net profit plunged 85% year-on-year (y-o-y) to RM5.1mil.

This was on the back of weaker passenger receipts from Muhibbah’s Cambodia airports from the prolonged impact of Covid-19 and lower contributions from the crane segment due to the movement control order (MCO).