Malaysia: Nam Cheong Achieves Net Profit of USD 30.8 Mill in FY2011

Nam Cheong Limited, SGX Main Board-listed Malaysian-based leading global Offshore Support Vessel (“OSV”) shipbuilder that focuses on the construction and engineering of complex, sophisticated and environmentally-friendly OSVs, reported that it has achieved a net profit of RM93.2 million on revenue of RM606.2 million for the financial year ended December 31, 2011 (“FY2011”), in tandem with robust momentum in the offshore marine sector.

The Group continued to maintain a healthy gross profit margin of 23% in FY2011. In addition, it ended the year on a strong note with a total of 13 vessels valued at RM757 million sold, compared to 10 vessels valued at RM505 million in FY 2010. The second half of 2011 saw a slew of contract wins consisting of five Anchor Handling Tug Supply (“AHTS”) vessels, two Platform Supply Vessels (“PSV”), one Multi-Purpose Support Vessel and an Accommodation Work Barge.

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World Maritime News Staff, February 27, 2012; Image: Nam Cheong