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Maybulk 1Q profit falls 71% to RM9m
by hlk Wed 29 May 2013, 19:48
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Wednesday, 29 May 2013 19:35
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KUALA LUMPUR (May 29): MALAYSIAN BULK CARRIERS BHD []'s
(Maybulk) net profit fell 71% to RM9.01 million in the first quarter ended
March 31, 2013 from RM30.94 million a year earlier.
In a statement to the exchange, Maybulk said revenue declined 16% to
RM60.34 million from RM71.99 million. Revenue had fallen on lower
income from the dry bulk segment.
"The dry bulk market generally weakened in the first quarter of 2013
and the average earnings for all bulk carriers remained low.
"The charter rates earned by the group’s dry bulk fleet declined 24% to
US$8,203/day. Consequently, the group’s dry bulk segment turned in a
loss of RM9.9 million, against a profit of RM9.8 million recorded in the
corresponding period a year ago," Maybulk said.
While dry bulk trade is anticipated to grow 5% in 2013, Maybulk said it
also mindful of the increase in global fleet of bulk carriers.
Written by Chong Jin Hun of theedgemalaysia.com
Wednesday, 29 May 2013 19:35
A + / A - / Reset
KUALA LUMPUR (May 29): MALAYSIAN BULK CARRIERS BHD []'s
(Maybulk) net profit fell 71% to RM9.01 million in the first quarter ended
March 31, 2013 from RM30.94 million a year earlier.
In a statement to the exchange, Maybulk said revenue declined 16% to
RM60.34 million from RM71.99 million. Revenue had fallen on lower
income from the dry bulk segment.
"The dry bulk market generally weakened in the first quarter of 2013
and the average earnings for all bulk carriers remained low.
"The charter rates earned by the group’s dry bulk fleet declined 24% to
US$8,203/day. Consequently, the group’s dry bulk segment turned in a
loss of RM9.9 million, against a profit of RM9.8 million recorded in the
corresponding period a year ago," Maybulk said.
While dry bulk trade is anticipated to grow 5% in 2013, Maybulk said it
also mindful of the increase in global fleet of bulk carriers.
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