KUALA LUMPUR: Dayang Enterprise Holdings Bhd posted a net loss of RM318.93 million for the financial year ended Dec 31, 2021 (FY2021) compared with a net profit of RM56.41 million recorded in FY2020.

       Revenue fell to RM667.74 million from RM731.44 million previously.

       In a filing to Bursa Malaysia, it said the lower revenue in the current year was mainly due to the slower work orders and contracts being awarded from oil majors during the year.

       "As a result, vessel utilisation during the current year has been reduced from 53 per cent to 44 per cent, as compared to FY2020,” it said.

       For the fourth quarter (Q4) ended Dec 31, 2021, the group recorded a net loss of RM228.49 million against a net profit of RM13.17 million, while revenue rose to RM200.15 million from RM158.22 million a year ago.

       The increase in revenue in the current quarter was mainly attributable to more work orders and contracts being awarded from oil majors in Q4 2021, it said.

       "Although revenue increased by 27 per cent in the current quarter, the group still recorded a larger reduction in gross loss of 110 per cent due to the change of estimated useful life of eight anchor handling tug supply (AHTS) vessels from 25 years to 15 years in the group's subsidiary.

       "As a result, its depreciation charge has been increased significantly by RM45.6 million during the quarter ended Dec 31, 2021,” it added.

       Although the group suffered losses in FY2021, it remains on a strong financial footing with a solid asset base of RM2.3 billion, an estimated call-out order book of RM1.9 billion, a strong cash balance of RM456.1 million, and a healthy gearing ratio. - Bernama