Tanjung Offshore 3Q net profit up 86%

Tanjung Offshore Bhd’s net profit jumped 85.24% to RM5.71 million for the third quarter ended Sept 30, 2006, from RM3.08 million a year earlier boosted by completion of various engineering equipment contracts and ongoing vessel charters.

Revenue rose 65.7% to RM78.64 million from RM47.46 million.

For the first nine months, its net profit rose 37.92% to RM12 million from RM8.8 million a year earlier, while revenue rose 35.21% to RM185.93 million from RM140.32 million.

In a statement on Nov 17, chairman Datuk Wira Syed Ali Alhabshee attributed the higher revenue and profitability mainly to contracts like the supply of gas turbine spares, compressors and various process systems.

He said Tanjung Offshore’s on-going vessel charters like MV Tanjung Jara, MV Tanjung Huma, MV Tanjung Manis and the recently launched Tanjung Pinang1 also contributed to the bottom line.

Syed Ali said the company’s mobile offshore production unit, which began operations at the Cendor field offshore Terengganu, is also expected to contribute to its future earnings.