Nam Cheong has a good third quarterCompany News // November 11, 2014
Nam Cheong Limited in Malaysia has reported an 81 per cent rise in revenue to RM618.6 million for the three months ended September 30, 2014 from RM341.2 million in the corresponding period last year.
The robust top line performance boosted third quarter 2014 net profit by 112 per cent to a record RM125.6 million from RM59.2 million in the same quarter in 2013.
Datuk Tiong Su Kouk, Executive Chairman of Nam Cheong, said: ""We achieved outstanding financial results during the third quarter, which signifies our strongest quarter since Nam Cheong's listing on the SGX. The momentum of our order wins remains robust, with Nam Cheong securing a record order of 25 vessels worth approximately US$505 million on a year-to-date basis.
"Further, we also secured letters of intent worth US$186 million for our proprietary diesel-electric powered anchor handler vessels, which we launched in October, despite volatile oil prices and challenging conditions in the wider market."