Nam Cheong posts Q4 loss of RM21.47m

Offshore support vessel builder attributes results to a RM22.33m share of loss from Indonesian associate

Published Thu, Feb 25, 2016 · 09:50 PM

Singapore

MALAYSIA'S largest offshore support vessel builder Nam Cheong slipped into the red with a fourth-quarter loss attributable to equity-holders of RM21.47 million (S$7.15 million), mainly on a share of loss of RM22.33 million tied to its interest in an Indonesian associate.

Quarterly revenue more than halved to RM241.84 million from RM523.92 million last year on lower number of vessels completed and delivered and lower vessel utilisation rate on its chartered fleet.

Shipbuilding revenue was RM233.61 million from the completion and delivery of two vessels compared to RM506.62 million from six vessels for the corresponding quarter last year.

Charter inc…

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