Freight Management posts higher pre-tax profit of RM30.22 mln in FY13

Freight Management posts higher pre-tax profit of RM30.22 mln in FY13
Business & Markets 2013
Written by Bernama
Wednesday, 28 August 2013 19:41

KUALA LUMPUR (Aug 28): Freight Management Holdings Bhd (FMH) posted a higher pre-tax profit of RM30.22 million for the financial year ended June 30, 2013, compared with RM28.03 million recorded last year.

Revenue rose to RM364.8 million from RM327.1 million previously.

The group said all of its business divisions continued to be profitable during the period under review.

"Divisions such as third-party logistics and warehousing, land freight and tug and barge, recorded strong double-digit growth in profits, whilst our largest division, sea freight, turned in a healthy profit growth despite the relatively flat volume handled.

"FMH's overseas operations also performed satisfactorily, particularly in Indonesia, Vietnam and Australia," it said in a statement today.

On prospects, Group Managing Director Chew Chong Keat expected the current financial year ending June 30, 2014 (FY14) to remain challenging, as the global economy continues to be sluggish whilst economic headwinds are rising in the Asian region.

"Nonetheless, we are encouraged by the pick-up in the volume of our business in the past few quarters, and are hopeful of sustaining this momentum throughout FY14.

"FMH has developed and continues to improve on strong fundamentals, which place us in a good position to ride out the challenges, and continue harnessing organic and synergistic growth from our core businesses," he added.

For the longer-term, he said strategic investments and joint-ventures in new businesses and markets would also boost the company's future growth potential.