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HomeMaritime NewsRegionsAsiaCoastal Contracts Q1 profit up by more than half to $15m

Coastal Contracts Q1 profit up by more than half to $15m

Coastal Contracts Q1 profit up by more than half to $15m
Budding Offshore Support Vessel (OSV) player Coastal Contracts saw first quarter net profit jump 58% to MYR49.2m ($15.3m) from MYR31.1m in the previous corresponding period due to increased delivery of OSV newbuildings as well as an enhanced product mix comprising higher-value OSVs, the company said.

Revenue rose by a third to MYR224.7m from MYR168.9m previously, on increased contributions from more deliveries of higher-specification newbuilds.

Growth prospects are bolstered by an encouraging OSV market with higher selling prices and stronger delivery orders, Coastal said, adding that it had delivered some MYR196.5m worth of OSVs in the quarter, up from MYR164.2m previously.

TAGS: Offshore
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