Maybulk registers RM2.6m net loss in Q3

PETALING JAYA: Malaysian Bulk Carriers Bhd registered a net loss of RM2.6 million for the third quarter (Q3) ended Sept 30, 2014, compared with a net profit of RM8.6 million for the same quarter a year ago, on higher voyage and operating expenses.
Revenue for Q3 was marginally higher at RM62.98 million for the quarter compared with RM62.82 million for the same quarter in 2013.
"Whilst PACC Offshore Services Holdings (Posh) may also be facing its own industry challenges, the fact that they have now secured equity and operational control over all its Mexican operations and assets is positive."
"It will enable Posh to actively deploy vessels which were previously off hired due to fraud investigations on Oceanografía, SA de CV. The redeployment of such vessels will contribute towards better vessel utilization and earnings," it said.
In its filing with Bursa Malaysia, Maybulk said that whilst the difficulties and challenges facing the shipping industry remain, the board is of the view that the positive contribution from associate company Posh will underpin the group's profitability in 2014.
Net profit for the nine months period however was 10% higher at RM33.9 million, compared with RM30.65 million for the same period in 2013.
This was on almost 4% higher revenue of RM196.2 million, compared with RM188.9 million seen in the corresponding period the year before.