Thursday, August 22, 2013

Maybulk 2Q net profit surges to RM13m

Maybulk 2Q net profit surges to RM13m
Business & Markets 2013
Written by Fatin Rasyiqah Mustaza of    
Thursday, 22 August 2013 11:13

KUALA LUMPUR: MALAYSIAN BULK CARRIERS BHD [] (Maybulk) saw net profit surge to RM13.1 million for the second quarter ended June 30 of the 2013 financial year (2QFY13) on improved charter rates, lower expenses and finance costs as well as significant contribution from associate, PACC Offshore Services Holdings Pte Ltd  (POSH).

In a filing with Bursa Malaysia yesterday, Maybulk said revenue for 2QFY13 increased marginally to RM65.7 million from RM64.7 million a year earlier. There was positive income from the disposal of an asset worth RM3.9 million and also POSH's improved offshore services that contributed RM31.6 million.

"Our associate POSH posted 167% surge in its profit in the first half of the year (1HFY13). The outlook for offshore sector continues to be positive, due to healthy oil prices and projected increases in offshore exploration and production spending," said Maybulk.

For 1HFY13, the group reported a lower net profit of RM22 million against RM31 million previously. Revenue was also lower at RM126 million from RM136 million in 1HFY12.

The group's dry bulk segment turned in a loss of RM15.1 million compared to a profit of RM15 million a year earlier. The decline was mainly attributed to lower charter rates earned.

Its tanker segment, however, turned around with a profit of RM2.5 million from a loss of RM2.6 milion in 2HFY12. The turnaround was mostly due to improved charter rates earned and increased hire days of 15 days.

Ship brokerage and management segment profit was marginally higher by RM200,000 due to higher management fees earned.

Looking forward, the group is confident of growth in the dry bulk fleet that is projected at 7% in 2013, while trade growth is forecast to reach 5%.

The group took delivery of a new Supramax under long-term charter in June 2013 and has another six new vessels in the pipeline for delivery in 2014/2015.

"The supply side of both dry bulk and tanker continues to put pressure on rates. These two sectors remain challenging," added the group.

This article first appeared in The Edge Financial Daily, on August 22, 2013.

Publish date: 22/08/13

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