Container division exit provisions and expenses amounted to MYR52.9m, Hubline said in a stock market announcement. Additionally, forex losses came up to MYR3.5m, adding to the burden.
Revenue was almost flat at MYR 22.9m compared to MYR 23.3m in the previous corresponding period.
Hubline had announced last year that it would dispose of its loss making container business to refocus on the dry bulk sector. The strategy seems to be working with losses for FY2016 narrowing to MYR83.5m from MYR376.8m previously.
Meanwhile revenue is picking up, rising MYR2.6m compared to the MYR20.3m turned over in the preceding quarter,
"The group’s dry bulk shipping division sees some improvement," Hubline said.
Looking ahead it added that it was cautiously optimisticabout prospects in the coming year, noting that it is on track to completely exit the container shipping division by the end of 2016 and as such results in 2017 are expected to improve.
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