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Nam Cheong swings back to profitability for FY18 after debt restructuring

Michelle Zhu
Michelle Zhu2/27/2019 07:37 AM GMT+08  • 2 min read
Nam Cheong swings back to profitability for FY18 after debt restructuring
SINGAPORE (Feb 27): Nam Cheong announced earnings of RM9.7 million for the 4Q ended Dec 2018, reversing from its loss of RM987.5 million in 4Q17 mainly a result of a waiver of debts.
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SINGAPORE (Feb 27): Nam Cheong announced earnings of RM9.7 million for the 4Q ended Dec 2018, reversing from its loss of RM987.5 million in 4Q17 mainly a result of a waiver of debts.

With the latest set of quarterly results, the group has returned to profitability in FY18 with RM963.3 million in earnings as opposed to a RM3 billion loss for the previous year.

Revenue for the latest quarter grew 39% to RM99.4 million, buoyed by higher shipbuilding margins, as well as growth in contributions from the vessel charting segment due to the addition of seven vessels to the chartering fleet during 2018.

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