The Malaysia-based shipping firm posted third quarter net profit of MYR13.89m ($4.37m), up from MYR11.87m in the same period of 2011.
Revenue registered a significant jump of 43.5% year-on-year to MYR180.43m, the Kuala Lumpur-listed company announced.
“The increase were mainly attributed to the improvement of profit contribution from the coastal and domestic shipping operations and higher number of vessels delivered and increase in vessels repair works in the current quarter under review,” it said.
Looking ahead, Shin Yang said the company's performance will be largely dependent on the development in world fuel market price, quality of crews' standard, domestic and regional demand for transportation of dry bulk and general cargoes, movement of ringgit Malaysia and world economic situations.
“The other dependents on shipbuilding operations include the corresponding price movement of the marine mild steel plates, other heavy equipments and global trend of demand of newly constructed vessels especially from the niche markets with oil and gas industry both domestically and regionally.”
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