Net profit in the financial year ended 31 May 2014 was registered at MYR28.79m ($9.03m), jumping 113.9% from MYR13.46m posted in the previous year.
Revenue also surged 84.3% year-on-year to MYR254.27m.
“We are optimistic in our outlook that new demand for OSVs with higher technical specifications suitable for deepsea operation will grow and demand for OSVs use in shallow remains firm,” TAS Offshore commented.
“Our built-to-stock business model has propelled the group to a favourable position to meet the market demand for the OSVs and shorter delivery time period required by the buyers,” the offshore vessel shipbuilder said.
The Kuala Lumpur-listed company added that increase in demand for modern jack-up rigs entering the market will result in needs of more OSVs.
“We expect the demand for both PSVs and AHTS vessels to be strong. We also expect some of these offshore developments to come from Indonesia, Malaysia, Myanmar and foresee the oil and gas industry in the region will require the provision of various OSVs,” it said.
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