Shipbuilder Tas Offshore Bhd recorded a 154.8 per cent increase in turnover for its financial year ended May 31, 2010, at RM139.9 million from RM54.917 million the previous year.
Its pre-tax profit jumped 63.8 per cent to RM11.36 million from RM6.969 million previously.
"The current encouraging crude oil price range of US$75 to US$80 per barrel is deemed favourable for the oil major to expand their offshore deep sea projects and production activities.
"The demand for offshore support vessels is expected to increase as the Malaysian national oil company, Petronas, and other oil majors award out the contracts. This augurs well for our shipbuilding arm," it said in a filing to Bursa Malaysia today.
"Next year remains to be challenging as the global recovery is still uncertain due to the shaky economic situation in several European countries and the United States.
"However, we believe 2011 will be a better year and the board will continue to cautiously work towards securing better projects and profits for the shareholders," it added. -- BERNAMA
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