Malaysia-based offshore vessels builder Nam Cheong doubled its first quarter net profit and boosted revenue by 145% year-on-year, Seatrade Asia online reports. Net profit for the Singapore-listed company jumped to MYR33.2m ($10.8m) from MYR18.4m in the corresponding period last year. This was achieved on the back of strong revenue growth which soared 145% to MYR205.6m from MYR83.8m.
Nam Cheong said a significant portion of increase in shipbuilding revenue came from a new source: recognition of revenue from the sale of platform supply vessels (PSVs) in 2011.
“Currently, the offshore support vessel (OSV) industry is clearly a bright spot. As Malaysia's largest OSV builder, we are in a strategic position to ride on this robust momentum currently sweeping the offshore industry globally and at home,” said Datuk Tiong Su Kouk, executive chairman and ceo of Nam Cheong.
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