Nam Cheong back in the black on absence of asset impairments, forex gain

Singapore

OFFSHORE marine player Nam Cheong, which has undergone a restructuring exercise, reported a net profit of RM34.74 million (S$11.6 million) for the second quarter ended June 30, versus a loss of RM2.02 billion a year ago, thanks to a foreign exchange gain and the absence of asset impairments and writedowns.

Revenue for the quarter under review was 16 per cent lower at RM127.19 million owing to lower revenue recorded from the shipbuilding segment, while earnings per share clocked 1.66 sen, compared to a loss per share of 96.54 sen previously.