Nam Cheong swings back to profitability in 3Q on higher other income and lower selling and administrative expenses

SINGAPORE (Nov 10): Nam Cheong, the Malaysia-based builder of specialised offshore support vessels, reported earnings of RM0.72 million ($0.24 million) for 3Q, compared to earnings of RM6,000 a year ago due to higher other income and lower selling and administrative expenses.

Group revenue for 3Q declined 86% to RM25.8 million from RM189.3 million for the previous corresponding quarter, due mainly to lower shipbuilding revenue recognised.

Revenue from the shipbuilding segment was 91% lower at RM16.6 million largely as a result of slower progressive recognition of revenue from vessels sold.

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