Nam Cheong's Q1 net profit doubles on strong revenue growth

Nam Cheong executive chairman Datuk Tiong Su Kouk. A booming marine industry sent shipbuilder Nam Cheong's first-quarter net profit soaring 99 per cent over a year ago to 71.1 million ringgit (S$27.6 million). -- FILE PHOTO: NAM CHEONG 
Nam Cheong executive chairman Datuk Tiong Su Kouk. A booming marine industry sent shipbuilder Nam Cheong's first-quarter net profit soaring 99 per cent over a year ago to 71.1 million ringgit (S$27.6 million). -- FILE PHOTO: NAM CHEONG 

SINGAPORE - A booming marine industry sent shipbuilder Nam Cheong's first-quarter net profit soaring 99 per cent over a year ago to 71.1 million ringgit (S$27.6 million).

Revenue also surged 74 per cent in the period to 407.3 million ringgit as the group delivered more vessels during the quarter.

"We are in the throes of a booming offshore marine upcycle, as evident by our win of seven vessels worth over US$110 million to date," said the group's executive chairman Datuk Tiong Su Kouk.

He added that the group has a healthy order book of 1.4 billion through to 2016.

Earnings per share for the group jumped to 3.38 sen for the first three months of the year over a year ago.

Net asset value per share edged up to 48 sen as at Mar 31, from 44.6 sen as at Dec 31 last year.