Malaysia: Nam Cheong reports healthy first quarter profitCompany News // May 13, 2013
Nam Cheong Limited has reported healthy results with net profit of RM35.8 million for the three months ended March 31 2013, which was up 8 per cent from RM33.2 million in the corresponding period last year.
This was achieved on the back of steady revenue growth, which increased 14 per cent to RM234.7 million in the first quarter of 2013 from RM205.6 million in the first quarter of 2012.
Datuk Tiong Su Kouk ,Executive Chairman and CEO of Nam Cheong, said: "We are into our eighth quarter of profitability since listing in May 2011, achieving positive results consistently despite the cyclical nature of our shipbuilding business.
"Even as we ride the up-cycle of a booming offshore marine sector, much of our success is premised on sound fundamentals of quality vessels, on-time delivery, strong customer relationships, as well as a unique business model that is attuned to market trends and demands."