By TMR

Coastal Contracts Bhd posted a net loss of RM9.76 million for its third quarter ended March 31, 2018, as against a RM26.83 million net profit posted a year ago for the same period due to greater foreign exchange losses on account of the weaken US dollars as well as the under performance of its shipbuilding and ship repair division.

In an exchange filing yesterday, the company said no revenue was generated from the shipbuilding and ship repair division in 3Q as a result of none vessel delivery during the quarter.

Hence, revenue for the three months also dipped 48.89% year-on-year (YoY) to RM33.09 million. The company remains optimistic toward surviving the transition by venturing into the oil and gas (O&G) downstream sector and moving further up the value chain in terms of technology, technical knowledge and expertise in the downstream sector.

Moving forward, the group will maintain its diversified portfolio and sharpen its focus on the O&G downstream sector in pursuit of growth while enhancing its long term sustainability.