KUALA LUMPUR: Ocean Vantage Holdings Bhd (OVH) posted a net loss of RM7.01 million for the third quarter (Q3) ended September 30, 2024 (FY24) from a n...
KUALA LUMPUR: Ocean Vantage Holdings Bhd posted a net loss of RM7.01 million for the third quarter ended September 30, 2024 from a net profit of RM5.05 million in Q3 FY23.
The sharp revenue reduction was mainly attributed to the nearing completion of the BAGSF 2 project, which significantly reduced contributions from the engineering, procurement, and construction and project management segments. As a result, the group’s gross profit margin for 9M FY24 fell to 2.90%, down from 18.14% in the same period last year.
Total liabilities remained high at RM48.33 million, further straining the group’s financial position.
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