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Higher vessel deliveries and charters lift Nam Cheong's Q4 profit by 43%

Published on Feb 26, 2014 1:50 PM

Offshore vessel builder Nam Cheong said its fourth-quarter net profit rose 43 per cent to 70.5 million ringgit (S$27.2 million) as it delivered more vessels and expanded its fleet of vessels for charter.

Revenue for the three months to Dec 31 rose 7 per cent to 406.1 million ringgit.

Nam Cheong is Malaysia's largest maker of offshore support vessels - used in the lucrative oil and gas business - and the company is listed in Singapore.

The company's full-year net profit rose 51 per cent to 205.6 million ringgit as turnover climbed 43 per cent to 1.3 billion ringgit, also on the back of higher vessel deliveries and a larger chartering fleet.

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