For the same quarter last year, it turned in a profit after tax of RM12.3 million.

The company said its revenue stood at RM29.9 million, down from RM47.2 million recorded in the previous corresponding period.

It attributed the poorer performance to variations in milestones for the Royal Malaysian Navy’s submarine in-service support and refit contracts.

CEO Sharifuddin Md Zaini Al-Manaf said BHIC would continue with its performance improvement programme in line with the “Reinventing Boustead” strategy to transform the Boustead Group into a high performing and sustainable organisation.

Boustead Holdings Bhd group managing director Mohammed Shazalli Ramly said the company welcomed the affirmation by Prime Minister Ismail Sabri Yaakob to continue with the littoral combat ship (LCS) project “in the interest of the nation’s maritime security and strategic interests”.

“As BHIC’s parent company, Boustead Holdings Bhd fully backs the efforts of BHIC and its associate company, Boustead Naval Shipyard Sdn Bhd (BNS) to mobilise the project and deliver the LCSs to the Royal Malaysian Navy,” Shazalli said.

In December 2011, BNS was awarded a RM9 billion contract by the defence ministry to deliver six littoral combat ships as part of the navy’s fleet renewal plan.

But more than a decade later, not a single vessel has been delivered.

Pakatan Harapan (PH) leaders have demanded that former prime minister Najib Razak and former defence minister Ahmad Zahid Hamidi take responsibility for the failure of the project.

However, Najib and Zahid have put the blame on the PH government.