Coastal Contracts sees 2013 net profit rise to $46.2m

Revenue however dropped slightly to MYR761.6m from MYR764.4m as vessel chartering revenue plunged in the last quarter of the year.

Poorer fleet utilisation saw Q4 revenue from this segment drop to MYR1.6m down 71% from MYR5.6m in the preceding quarter and 52% from the previous corresponding period.

However, better performance in other segments meant that Coastal capped off the final three months of the year strongly with a net profit of MYR49.0m on a new quarterly high revenue of MYR255.0m. This represented a quarter-onquarter increase of 24% and 31% respectively from Q3's net profit of MYR39.5m and revenue of MYR194.7m. Year-on-year fourth quarter net profit was up by 73% from MYR28.4m previously, while revenue soared 32% from MYR193.7m.

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