The result was the company slumped to a MYR2.34m for Q1 loss from a slim MYR534,000 profit in the previous corresponding period.
PDZ said in a stock market announcement that its ocean liner business was affected by the arrest of two vessels earlier this year and this resulted in holding costs while the vessels remain under arrest, which also contributed to the loss.
In addition, PDZ also racked up higher operating expenses due to professional fees and legal costs, it explained. PDZ did not provide segmental results.
"Nevertheless, the company continues to receive support from existing and new customers for its logistics solutions services, all of which bodes well for the group, on the back of improving shipping industry prospects," PDZ said.
The group said it would expand into more profitable under-served regional routes, boost vessel maintenance for increased operational efficiency, purchase containers and more vessels and invest in other complementary businesses or assets.
Looking ahead PDZ said: "The shipping industry is expected to improve in the coming years with manufacturing across Asia's three largest economies of China, Japan and India having gained momentum, not forgetting the growth in Europe and US, albeit with some policy changes in the industry."
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