Nam Cheong Q4 hit by lower margins

Singapore

NAM Cheong posted a 42 per cent year-on-year slump in net profit to RM41.1 million (S$15.5 million) for the fourth quarter ended Dec 31, 2014 as both gross and operating profit margins fall.

Revenue at the Malaysian-based offshore marine group jumped 29 per cent to RM523.9 million. The shipbuilding segment posted a 32 per cent surge in revenue to RM506.6 million with help from the progressive recognition of revenue derived from platform supply vessels sold in Q4.