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Coastal Contracts' 2013 pre-tax profit soars to RM150.93 mln

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Coastal Contracts' 2013 pre-tax profit soars to RM150.93 mln Empty Coastal Contracts' 2013 pre-tax profit soars to RM150.93 mln

Post by Cals Tue 25 Feb 2014, 21:31

Coastal Contracts' 2013 pre-tax profit soars to RM150.93 mln
Business & Markets 2014
Written by Bernama   
Tuesday, 25 February 2014 19:53

KUALA LUMPUR (Feb 25): Coastal Contracts Bhd's pre-tax profit for the financial year ended Dec 31, 2013, jumped to RM150.93 million, from the RM117.60 million recorded in the 2012 financial year.

Revenue, however, decreased to RM761.59 million, from RM764.37 million.

For the fourth quarter, it posted a higher pre-tax profit of RM48.22 million, from RM28.13 million in the same period in 2012, while revenue amounted to RM255.01 million — up from RM193.65 million.

In a filing to Bursa Malaysia today, Coastal Contracts said that the higher pre-tax profit was mainly attributable to greater revenue contribution and higher number of offshore support vessels, delivered by its shipbuilding division.

Moving forward, the company will continue to execute its expansion plan via a two-pronged approach, of extending participation in the lucrative oil and gas upstream sector, and scaling up its shipbuilding value chain.
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