Nam Cheong's profits soared 86% to MYR58.7m

Thanks to its robust shipbuilding and vessel divisions.

According to OCBC Investment Research, Nam Cheong Limited reported a solid set of 3Q13 results this morning, with revenue surging 140.4% YoY to MYR341.2m and PATMI jumping 86.0% to MYR58.7m. 

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Revenue was in-line with our expectations but PATMI exceeded, with 9M13 revenue of MYR851.3m (+71.1%) and PATMI of MYR135.2m (+54.9%) forming 72.4% and 83.4% of our FY13 forecasts, respectively.

This strong set of results was driven by both its Shipbuilding and Vessel Chartering divisions. The former saw a 141.9% YoY increase in revenue to MYR319.7m for 3Q13, while the latter’s revenue jumped almost threefold to MYR21.5m.