KUALA LUMPUR (Feb 24): Boustead Heavy Industries Corporation Bhd returned to the black for the fourth quarter ended Dec 31, 2016 (4QFY16) with a net profit of  RM55.6 million, compared with a net loss of RM52.26 million a year ago.

This was achieved on the back of a 59.6% increase in revenue to RM110.47 million from RM69.21 million in 4QFY15, the group said in a filing with Bursa Malaysia.

For the full financial year, the group also returned to profitability with a net profit of RM76.7 million versus a net loss of RM30.74 million in FY15. Revenue increased 15% to RM307.52 million from RM265.64 million.

Boustead Heavy Industries said revenue from defence-related  maintenance, repair and overhaul (MRO) activities contributed significantly to the group’s FY16 revenue.

On its prospects, the group said its littoral combat ship project is ongoing and it hopes to launch its first ship in the third quarter of 2017.

The group also will  continue  to  source  for new  oil  and  gas  projects  amid  the  improving industry landscape.

Boustead Heavy Industries shares were up six sen at RM2.66 at 4pm, with a market capitalisation of RM552 million.