's (MMHE) net loss in the financial year ended Dec 31, 2020, widened to RM396.81mil as compared to a net loss of RM34.22mil a year ago on the back of an impairment loss on property, plant and equipment and right-of-use assets.
"The impairment loss was recognised in view of the current oil and gas downturn and the expected prolonged recovery of the industry," it said in a statement.
Owing to the downturn, group revenue for the year had plunged 55% to RM1.57bil from RM1.01bil in previous year.
In the fourth quarter alone, the group incurred a net loss of RM8.56mil versus a net profit of RM9.28mil despite a 152% increase in revenue to RM695.5mil from RM275.6mil in the same quarter last year.