The marine services and shipbuilding company posted first quarter net profit of MYR30.76m ($9.75m) compared to MYR56.09m in the same period of last year.
Revenue rose to MYR232.85m from MYR155.83m a year ago.
Narrower margins from its shipbuilding and ship repair divisions led to thinner profits despite the rise in revenue.
The company's vessel chartering division also underperformed in the first quarter due to the cabotage policy in Indonesia.
“Barring adverse changes in the global and regional economic outlook, the management of Coastal believes that Coastal Group will continue to experience business stability and sustain modest growth moving forward, backed by the strong revenue visibility of the shipbuilding division's vessel sales order book,” the company said.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
