Shipbuilder and defence engineering company Boustead Heavy Industries suffered a net loss of RM112.3 million for the year ending 2012, compared to net  profits of RM18.5 million recorded a year ago, due mainly to a one-time cost overrun on its shipbuilding business.

For the fourth quarter alone, its losses were also sharply higher at RM59 million, compared to RM2.5 million losses in the same period a year ago, the company said in a statement to Bursa Malaysia.

Boustead however said it expected business to rebound in 2013, aided by subsidiaries undertaking maintenance, repair and overhaul of naval ships, submarines and helicopters and an end to its shipbuilding cost overruns.

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