Malaysia Marine and Heavy Engineering Holdings Bhd (MHB), a leading local marine and heavy engineering services provider posted a net profit of RM242 million, on the back of a revenue of RM3.3 billion for its financial year ended December 31, 2012.

Commenting on the results, MHB managing director and chief executive officer Dominique de Soras described 2012 as been a year of transformation for MHB as the group has acquired, successfully integrated the MMHE East Yard, and launched business improvement initiatives.

"As for 2013, we will continue to focus on completing and delivering existing projects to our clients," he said in a statement.

He also said for 2013, it would be another milestone year as MHB embarks on the third floating platform for deepwater fields in Malaysia, namely the tension-leg platform (TLP) Malikai Deepwater project offshore Sabah, after receiving a letter of award from its client.

MHB said its marine business segment posted results improvements in the period under review with contribution from the FSU Lekas project and also after successfully having undertaken more LNG vessel repair projects, as the group's primary focus is on energy-related vessels.

A final dividend per share of 10 sen per share has been proposed for shareholders approval in respect of the financial year ended December 31 2012.