Yet another Malaysian offshore player Alam Maritim Resources returned to profit in the first quarter with a net profit of MYR7.01m ($2.23m), recovering from a net loss of MYR6.75m in the same quarter last year, Seatrade Asia online reports.
Revenue meanwhile jumped 59% to MYR55.29m from MYR34.69m in the previous corresponding period. Alam saw good revenue especially from the offshore support vessels (OSVs) segment which rose 63% to MYR49.0m due to substantial revenue from third party vessels.
It added that the overall demand for OSVs has been on an uptrend after the increase in domestic and regional oil and gas activities.
The underwater services/offshore installation and construction segment however still saw little progress with just under 7% rise in revenue from the previous corresponding quarter to MYR5.0m and overall made up just about 10% of overall revenue.
All news