Sealink settles for lower earnings in Q2
Malaysia-based shipbuilder Sealink International reaped lower earnings in the second quarter due largely to lower profit margin from shipbuilding, Seatrade Asia online reports.
Sealink posted second quarter net profit of MYR3.64m ($1.16m) compared to MYR5.24m in the corresponding period of last year. Revenue also dropped to MYR43.55m from MYR47.2m a year ago.
“with increased oil and gas activities in Malaysia, Sealink is optimistic that the ship charter and repair division would perform reasonably well in the next 12 months,” Sealink said.
“The results of the shipbuilding division would be lower in 2012 due to the timing of recognition of the sale of vessels but is expected to improve in 2013,” the Kuala Lumpur-listed company said.