Nam Cheong swings back to profitability in 1H18 post debt restructuring, resumes trading today

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SINGAPORE (Aug 23): Nam Cheong swung back to profitability in 1H18 with earnings of RM0.6 million (S$0.2 million) compared to its RM2.1 billion loss in 1H17 after restructuring a substantial amount of trade debts with its creditors, resulting in a waiver of debts amounting to RM557.5 million.

For the 2Q ended June, the Malaysian shipbuilder reported RM0.35 million in earnings, reversing from its 2Q17 loss of RM2 billion a year ago.

Revenue for 1H fell 20% on-year to RM135.8 million from RM169.1 million with lower contributions from the shipbuilding segment, due to the progressive recognition of revenue from... (Click here to read the full story)