Nam Cheong has seen revenue for the third quarter collapse by 86% to just MYR 25.8m ($6m) as newbuilding orders dried up.
Revenue from the shipbuilding segment was 91% lower at MYR 16.6m largely as a result of slower progressive recognition of revenue from vessels sold.
However, Nam Cheong’s vessel chartering segment saw contributions rise 29% to MYR 9.2m mainly due to higher utilisation rate during the quarter.
The
