TAS Offshore secures RM20 million in vessel sale contracts

TAS Offshore secures RM20 million in vessel sale contracts
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KUALA LUMPUR (March 18): A wholly-owned subsidiary of TAS Offshore Berhad has secured contracts for the sale of five units of Garbage Collection Craft and two units of Flotsam Retrieval Craft for RM19.6 million.

In a filing with the local bourse TAS said that the vessels were sold to its foreign customers and are expected to be delivered by the end of the year.

“The revenue generated from the contract is expected to contribute positively to the earnings and net assets of TAS Group for the financial year ending May 31, 2021.”

For the financial year ending May 31, 2019, TAS reported a net profit of RM4 million on RM37 million revenue.

Shares of TAS closed 0.5 sen or 2.8% lower at 17.5 sen, valuing the company at RM32 million.