The offshore support vessels (OSVs) shipbuilder registered second quarter net profit of MYR22.47m ($7.2m), a significant increase from MYR2.37m a year ago.
Nam Cheong said this was achieved on the back of strong revenue growth which rose 14% year-on-year to MYR149.84m during the quarter.
The progressive recognition of revenue derived from sales of platform supply vessels (PSVs) in 2011 made up a significant portion of increase in shipbuilding revenue for Nam Cheong. In addition, the company saw its recurring income stream boosted by the expansion of its chartering fleet.
“Rising energy consumption in Asia, especially in China and India, is driving energy producing countries including Malaysia to ramp up their investments in offshore exploration and production activities,” said Tiong Su Kouk, executive chairman and ceo of Nam Cheong.
Going forward, the company expects to see demand for PSVs pick up, while demand for small size anchor handling tug supply (AHTS) vessels remains strong as offshore service providers replace older vessels with new and higher specification vessels.
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