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Nam Cheong’s 2Q earnings plunge 74% to RM2.7 mil on lower revenue, absence of fair value gain

Michelle Zhu
Michelle Zhu8/11/2016 09:18 AM GMT+08  • 2 min read
Nam Cheong’s 2Q earnings plunge 74% to RM2.7 mil on lower revenue, absence of fair value gain
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.
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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.

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