Nam Cheong’s net profit plunged 83% to $3.7m in Q2
On back of lower shipbuilding revenue.
Nam Cheong’s net profit plunged by a whopping 83% year-on-year to $3.7m (RM 10.7m) in the second quarter.
The group’s core shipbuilding business booked a 34% revenue decrease in the first half, on back of a slowdown in new orders.
Nam Cheong also grappled with lower vessel utilization rates as oil prices remained depressed.
“The macro volatilities have continued to present challenges for all industry players during the period and we have likewise seen a slowdown in new orders," said Datuk Tiong Su Kouk Executive Chairman of Nam Cheong.