• D estini’s marine segment narrowed its losses with a LATNCI of RM3.03 million in FYE2021 from a LATNCI of RM101.19 million a year before. Revenue stood lower at RM61.56 million in FYE2021 from RM86.85 million the year before. • T he Group’s marine segment’s losses during the year in review was due to the lack of business volume as a result from the pandemic. • D uring the year the Group disposed of its stake in THHE Destini Sdn Bhd which took on the fabrication of three OPV’s for the MMEA. The disposal was part of the Group’s rationalization exercise that includes divesting non-performing assets. The exercise saw delays in execution due to restrictions from the pandemic which weighted on the Group’s books significantly. • M eanwhile, Destini’s lifeboat manufacturing facility in China could not execute many lifeboat and davit systems delivery as pandemic restrictions prevailed against the backdrop of China’s zero COVID goal which caused halts in operations. • W ith less revenue from its ongoing projects locally and abroad that saw halts in execution due to the pandemic, the Group had to absorb existing overhead costs from this segment. • M oving forward, Destini plans on expanding its lifeboat and davit systems capabilities by expanding its MRO stations across the Middle East where the marine market is expected to grow. MARINE 35 ANNUAL REPORT 2021 • DESTINI BERHAD
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