Coastal Contracts has seen its profit squeezed on the back of lower revenue but remains optimistic.
The Malaysian shipbuilder banked MYR 3.1m ($0.7m) in the third quarter, down from MYR 23.7m a year earlier.
Its quarterly revenue was MYR 76.16m against MYR 921.2m in the corresponding period of 2015.
Coastal saw its shipbuilding division take a hit during the quarter as its turnover was 76% lower at MYR 164.3m.
On the contrary, contribution from its chartering segment was stable at MYR 37.1m.
The company said in its report: “Coastal Group remains optimistic toward surviving the transition by venturing into the oil and gas downstream sector and moving further up the value chain in terms of technology, technical knowledge and expertise in the downstream sector.”
