TUB Assert - Beng Kuang Marine's Financial Resurgence
![Image](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvF9eqNmlydphum-yrd4Xy26yfSE14DJ9S7sLAIvnoEJbLBPCbsZykU211W-BNc5Zho1qfJTZys1z39mUY6fQCmEMNK95r-avKUL6tXkcFdK8Q-uNiQG_be88pgY3P-S_2W4VQB51zOLjywcG_ZXX8wj0vd1Nz9sVh0AJ3MC_Lfv8ey2yR_wJAIEyZl8w/s320/Income%20statement.jpg)
Still Vested I have previously covered Beng Kuang Marine in several articles, and I'm excited to share the latest update on their financials. On August 11, 2023, the company released its six-month financial report, highlighting two crucial points: (1) Remarkably, the company has achieved a turnaround and generated a profit without relying on gains from shipyard sales. This outcome exceeded my expectations. The thriving FPSO and FSO market during the period of high oil prices, surpassing $100 per barrel, undoubtedly contributed to this success. Source: HY2023 Financials As quoted from the press release, "The Group’s IE continues to be its core revenue generator with revenue growth of 7.5% in 1H2023, with its 51%-owned subsidiary, Asian Sealand Offshore and Marine Pte Ltd (“ASOM”), being the main revenue contributor of IE’s 1H2023 sales as a result of increased business volume from higher demand for FPSO and FSO contracting services...ASOM has diversified its geographical sco