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Coastal enjoys higher profit of RM103m in H1
by hlk Tue 23 Aug 2011, 22:55
Coastal Contracts Bhd, a builder of offshore support vessels, reported a higher profit before tax of RM102.948 million for the six months ended June 30, 2011 compared with RM91.604 million previously.
Revenue for the period was also higher at RM389.679 million from RM279.761 million previously, the company said in a filing to Bursa Malaysia today.
The second quarter revenue of RM233.8 million, however, was the best quarterly revenue the company has ever recorded. This represented a 50 per cent increase from RM155.8 million in the previous quarter ended March 2011 and a surge of more than 68 per cent from RM138.6 million seen in the previous corresponding quarter, Coastal said in its filing to Bursa.
Profit before tax for the second quarter was RM47.3 million, which was 15 per cent lower compared to the RM55.6 million achieved in the first quarter 2011.
With the robust deepwater oilfield developments off the western coast of Sabah, Coastal said it is actively pursuing opportunities to diversify into the offshore structure fabrication business. -- Bernama
Revenue for the period was also higher at RM389.679 million from RM279.761 million previously, the company said in a filing to Bursa Malaysia today.
The second quarter revenue of RM233.8 million, however, was the best quarterly revenue the company has ever recorded. This represented a 50 per cent increase from RM155.8 million in the previous quarter ended March 2011 and a surge of more than 68 per cent from RM138.6 million seen in the previous corresponding quarter, Coastal said in its filing to Bursa.
Profit before tax for the second quarter was RM47.3 million, which was 15 per cent lower compared to the RM55.6 million achieved in the first quarter 2011.
With the robust deepwater oilfield developments off the western coast of Sabah, Coastal said it is actively pursuing opportunities to diversify into the offshore structure fabrication business. -- Bernama
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