Profits surge at Nam CheongCompany News // May 15, 2014
Malaysian offshore vessel builder Nam Cheong Limited has reported strong revenue and net profit for the three months ended March 31st 2014 (first quarter 2014).
Net profit surged 99 per cent to hit a high of RM71.3 million in the quarter from RM35.8 million in the corresponding period last year. This was achieved on the back of robust revenue growth of 74 per cent to RM407.3 million from RM234.7 million in the first quarter of 2013.
Datuk Tiong Su Kouk, Executive Chairman of Nam Cheong, said: "We are delighted to have achieved record performance premised on sound fundamentals."
"We are in the throes of a booming offshore marine upcycle, as evidenced by our win of seven vessels worth over US$110 million to date. Buoyed by strong order wins, we have a healthy order book of approximately RM1.4 billion through till 2016."