SINGAPORE (Aug 11): Nam Cheong, Malaysia’s largest shipbuilder of offshore support vessels (OSVs), posted 2Q earnings of RM2.7 million ($0.9 million), 74.3% lower from RM10.5 million the year before.

This was due to a 39% decline in revenue to RM117.4 million for the quarter, which was mainly attributable to slower progressive revenue recognition from vessels sold by Nam Cheong’s shipbuilding segment.

Overall revenue was also impacted by the lower utilisation rate achieved by the vessel chartering segment, which slipped 75% to RM3.4 million during the quarter.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook