Nam Cheong's Q1 net profit doubles on strong revenue growth
Published on May 15, 2014 9:26 AM
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.
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