PETALING JAYA: Marine & General Bhd (M&G) has recorded an improvement in its revenue for the second quarter ended Oct 31, 2021 to RM54.11mil from RM47.57mil a year ago.

       In a statement yesterday, the group said its upstream division continued to be the main revenue contributor during the quarter, generating 71% of the group’s revenue, while its downstream division generated the balance 29%.

       The group also recorded lower loss before taxation of RM11.2mil in the current quarter compared to a RM23.8mil loss before the non-recurring gain of RM106.8mil on restructuring of debts recognised during the preceding year’s corresponding quarter.

       This is mainly due to higher revenue recorded in the current quarter and lower operating expenditures incurred by the downstream division.