Destini Aims For Better FY15 Performance, Driven By Marine, Aviation Segments
SHAH ALAM (Oct 12): Destini Bhd hopes to report better performance this financial year ending Dec 31, 2015 (FY15), driven by its marine and aviation segments as the integrated engineering company continues in expansion mode.
Its net profit doubled to RM16.57 million last year from RM8.22 million in FY13, on the back of a 78.9% increase in revenue to RM166.97 million from RM93.31 million.
Destini group managing director Datuk Rozabil Abdul Rahman expects its marine and aviation segments to offset the slowdown in the oil and gas (O&G) business.
“Although we cannot go into specifics, we are generally positive of our performance this year. We hope to register better profit for FY15, driven mainly by our marine and aviation segments,” he told reporters after the group’s extraordinary general meeting today.
On the marine segment, Rozabil said Destini will be opening three new maintenance, repair and overhaul (MRO) workshops in Myanmar and the Middle East next year.
Currently the group’s marine MRO operations are present in China, Australia, the United Arab Emirates (UAE), Saudi Arabia, Singapore and Malaysia.
Asked if the marine segment faced any slowdown as most of its clients are operating in the O&G industry, Rozabil said there has been no noticeable impact so far.
“Most of our clients come from O&G companies. But in terms of financials, we have not seen any effect yet on our marine segment, because whether or not these companies are active in their drilling campaigns, they still need to maintain their safety equipments on their platforms and vessels,” he said.
On its aviation segment, Rozabil said its components MRO operations, through its joint venture with UK-based Avia Technique Ltd, will commence operations in November this year with its new facilities in Bukit Jelutong, Selangor.
“This is part of the partnership collaboration that we signed with AirAsia Bhd previously. With AirAsia, we will start with the lines maintenance and also the components MRO,” he said.
He added that Destini is eyeing to work with other airlines as well, and that the group has an advantage as there are not many competitors offering the same maintenance services in the country.
Destini shares fell 0.5 sen or 0.81% to 61.5 sen at the noon market break, bringing its market capitalisation to RM501 million.