Malaysia-based offshore vessel owner and shipbuilder Coastal Contracts registered a dip in third quarter net profit despite higher revenue, Ship & Bunker reports.
Net profit for the quarter ended 30 September 2012 dropped to MYR30.53m ($10m) compared to MYR36.66m in the same period of 2011. Revenue for the Kuala Lumpur-listed company rose to MYR177.14m compared to MYR110.21m.
“The group will continue to focus on building more expensive technologically advanced and deepwater-capable vessels in future given that the demand is anticipated to increase consistently with the increase in deepwater fields,” Coastal Contracts said.
“At the meantime, the group is working in tandem to pursue opportunities for diversifying into offshore structure fabrication business as well as upstream segment of oil and gas industry.”
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