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Dayang Enterprise Holdings Bhd's 1HFY25 earnings fell short of expectations due to weaker performance in its marine and topside maintenance divisions. Revenue dropped 40% to RM421.2 million, attributed to fewer work orders and lower vessel utilization (45% compared to 71% in the previous year) caused by dry docking and delayed contract starts. Core profit declined 57.4% to RM66 million. Kenanga Research anticipates this weakness to continue into 2HFY25 due to low crude oil prices and reduced upstream maintenance activity.
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