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Nam Cheong swings back to profitability in 1H18 post debt restructuring, resumes trading today

Michelle Zhu
Michelle Zhu8/23/2018 07:37 AM GMT+08  • 2 min read
Nam Cheong swings back to profitability in 1H18 post debt restructuring, resumes trading today
SINGAPORE (Aug 23): Nam Cheong swung back to profitability in 1H18 with earnings of RM0.6 million ($0.2 million) compared to its RM2.1 billion loss in 1H17 after restructuring a substantial amount of trade debts with its creditors, resulting in a waiver o
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SINGAPORE (Aug 23): Nam Cheong swung back to profitability in 1H18 with earnings of RM0.6 million ($0.2 million) compared to its RM2.1 billion loss in 1H17 after restructuring a substantial amount of trade debts with its creditors, resulting in a waiver of debts amounting to RM557.5 million.

For the 2Q ended June, the Malaysian shipbuilder reported RM0.35 million in earnings, reversing from its 2Q17 loss of RM2 billion a year ago.

Revenue for 1H fell 20% on-year to RM135.8 million from RM169.1 million with lower contributions from the shipbuilding segment, due to the progressive recognition of revenue from the sale and delivery of vessels under construction during 1H17.

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