Shipbuilder Nam Cheong Ltd on Monday posted third-quarter net profit of RM31.55 million (S$12.35 million), a 33 per cent drop from RM46.79 million a year ago.
Its revenue fell 44 per cent to RM141.94 million, from RM251.52 million in Q3 last year.
Nam Cheong said: \"(The fall in revenue) was mainly due to the timing of the percentage of revenue recognition on vessels sold.\"
Separately, the group said it had secured sale contracts for four anchor handling towing supply vessels worth US$45.13 million (S$55.25 million) in all, raising its year-to-date order book to RM1.3 billion.
Its revenue fell 44 per cent to RM141.94 million, from RM251.52 million in Q3 last year.
Nam Cheong said: \"(The fall in revenue) was mainly due to the timing of the percentage of revenue recognition on vessels sold.\"
Separately, the group said it had secured sale contracts for four anchor handling towing supply vessels worth US$45.13 million (S$55.25 million) in all, raising its year-to-date order book to RM1.3 billion.