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Nam Cheong's Q2 profit up 53% to RM63 million due to strong demand for vessels

Published on Aug 8, 2014 11:39 AM

Offshore marine player Nam Cheong has reported a 53 per cent jump in its second quarter net profit to RM63 million, thanks to buoyant demand for its vessels

Net profit rose as revenue spiked 38 per cent to RM378.8 million for the three months ended June 30.

The company, which Malaysia's largest offshore support vessel builder, announced on Friday that its core shipbuilding segment achieved a 37 per cent rise to RM355.6 million.

The improvement was mainly attributable to the progressive recognition of revenue from the sale of platform supply vessels which contributed RM228.5 million or 60 per cent to total shipbuilding revenue in the quarter.

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