The Kuala Lumpur-listed shipping company posted first quarter net profit of MYR30.94m ($9.72m), down 41.2% from MYR52.66m in the same period of 2011.
Revenue was recorded at MYR71.99m, a drop from MYR114.58m.
“The group over the last few years had anticipated this current downturn and is well prepared to weather through the difficult period ahead,” Malaysian Bulk Carriers said.
It added that the pace of new deliveries is coming down from 2010-11 levels but it remains at historically high level.
“Ship scrapping has hit its highest level in 2011 and is expected to increase in 2012. The higher ship scrapping and the elevated slippage rates are not enough to mitigate oversupply,” the company said.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
