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Nam Cheong sinks deeper into the red in 1H

Michelle Zhu
Michelle Zhu8/15/2017 08:17 AM GMT+08  • 2 min read
Nam Cheong sinks deeper into the red in 1H
SINGAPORE (Aug 15): Shipbuilder Nam Cheong has sunk deeper into the red, reporting a loss RM2.1 billion ($670 million) for the half year ended June, compared to a loss of RM37 million in the same period a year ago.
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SINGAPORE (Aug 15): Shipbuilder Nam Cheong has sunk deeper into the red, reporting a loss RM2.1 billion ($670 million) for the half year ended June, compared to a loss of RM37 million in the same period a year ago.

This comes as a result of an assets impairment and write-down of RM2 billion over the period under review – comprising impairment on property, plant and equipment, investment in associate, investment properties, trade and other receivables of RM487.9 million, as well as inventories written down of RM1.51 billion.

For 2Q, the group posted a loss of RM2 billion compared to earnings of $0.3 million in 2Q16.

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