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TA Offshore sees Q3 profit double on more deliveries

Offshore support vessel specialist shipyard TA Offshore saw FY14 third quarter net profit double to MYR10.5m ($3.2m) from RM5.3m previously on the back of higher revenue recognition due to the delivery of more vessels in the current quarter, the company said in a stock market announcement.

Vincent Wee, Hong Kong and South East Asia Correspondent

April 25, 2014

1 Min Read
Kalyakan - stock.adobe.com

Revenue almost tripled to MYR114.3m from MYR41.0m a year ago due to the completion and delivery of two anchor handling tug supply vessels, a harbour tug and two tugboats.

Looking ahead, the group has an optimistic outlook, seeing that demand for offshore support vessels with higher technical specifications suitable for deep sea operation will grow.

“In addition, our involvement with build-to-stock model has also placed the group in a favourable situation to meet the market demand for offshore support vessels as we will be able to meet the demand of vessel owners who require shorter delivery period for their vessels,” it said.

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Malaysia

About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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