Nam Cheong returns to profit on chartering income
First half revenue totalled RM104.6m, all of which came from the chartering segment. There was no shipbuilding revenue recognised at all during the period as the former shipbuilder recognised a $787,217 net profit in the first half
Nam Cheong jumped into the chartering market, expanding its fleet to 34 vessels at the end of June and achieved high utilisation rates to push gross profit 81% higher to RM32.4m and raise overall gross profit margin to 31%