The Kuala Lumpur-listed carrier reported a deficit of MYR190.45m ($58.94m) in the financial year ended 30 September 2013, as against a net profit of MYR2.38m in 2012.
Revenue during the year dropped 23.9% year-on-year to MYR379.63m while “other expenses” soared to MYR180.59m from MYR8.51m a year ago.
“The shipping market for the foreseeable future is expected to be challenged by subdued demand for shipping services and increased competition,” Hubline said.
“Against this outlook, the group shall continue to evaluate various niche trade routes in Malaysia and intra-Asian regions with an objective of increasing vessel capacity utilisation rates and profitability,” it added.
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