Nam Cheong's Q1 net profit up eight percent to RM35.8M

Nam Cheong's Q1 net profit up eight percent to RM35.8M
Business & Markets 2013
Written by Bernama
Monday, 13 May 2013 15:08


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KUALA LUMPUR (May 13): Nam Cheong Ltd's net profit for the first quarter ended March 31, 2013 rose by eight per cent to RM35.8 million from RM33.2 million in the same quarter last year.

Nam Cheong said its revenue increased by 14 per cent to RM234.7 million from RM205.6 million last yar, mainly from the successful delivery of five vessels.

In the same period last year, only two vessels were delivered, said Executive Chairman and Chief Executive Officer Datuk Tiong Su Kouk.

Gross profit fell to RM43.7 million from RM46.4 million last year due to lower contribution from the vessel chartering segment to the overall gross profit.

On outlook, Executive Director Leong Seng Keat said the buoyant offshore marine sector boded well for the company's prospects.

Nam Cheong continued to see a demand for anchor handling tug supply vessels, platform supply vessels and other offshore vessels, especially in the shallow-water region, he said.

"New businesses relating to top-side maintenance, hook up and commissioning and exploitation of reserves from marginal fields have created new opportunities for our business and will continue to do so," he noted.

As of today, the group's orderbook was about RM1.7 billion in value. -- BERNAMA