Nam Cheong's Q1 profit doubles to RM71.1m

PROPELLED by the robust momentum in the offshore marine industry, Malaysia-based Nam Cheong yesterday posted first-quarter net profit of RM71.1 million (S$27.6 million), almost double the RM35.8 million a year ago.

Nam Cheong, which specialises in the building of offshore support vessels (OSVs), saw its revenue grow 74 per cent to RM407.3 million due to a higher number of vessel deliveries.

Much of its shipbuilding revenue came from the progressive recognition of revenue from the sale of platform supply vessels (PSVs). PSVs contributed 60 per cent, or RM229.3 million, of the total shipbuilding revenue for the quarter.