PDZ reported a loss before tax MYR1.12m for the first quarter ended 30 September, compared to an MYR1.4m profit in the same period in the previous year.
Revenues were down 13% at MYR37.88m compared to MYR43.6m in the previous year, mainly due to lower business volume for its liner shipping activities.
Looking ahead the company said: “The severe over tonnage continued to plague the container shipping industry causing freight rates to be stagnant. However, we expect to see some improvements in business volume in the coming quarters.
“On an ongoing basis, the group continues to look for new businesses which will provide enhancement to the future earnings of the group.”
PDZ is in the process of trying to move into the LPG production business.
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