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Maybulk 2012 profit down by nearly half

Maybulk 2012 profit down by nearly half
Kuala Lumpur: Malaysian Bulk Carriers (Maybulk) saw 2012 full-year net profit plunge by nearly half to MYR66m ($21.2m) from MYR108m the year before while revenue fell to MYR262.3m from MYR363.9m previously.

For the fourth quarter, net profit also fell by almost half to MYR17.1m from MYR33.1m in the previous corresponding period.

Maybulk said this was due to the weak dry bulk shipping environment as the segment, which contributed 78% of the company's revenue last year, suffered lower freight rates and higher operating costs. Revenue was almost flat at MYR61m compared to MYR63.8m previously.

The segment actually turned in a loss of MYR9.5m in 2012 from a MYR75.3m profit the year before as the time charter equivalent for 2012 averaged $9,530 per day compared to $16,519 a day the year before.

Maybulk has divested some ships and is looking to acquire new modern vessels with lower operating costs if opportunities arise, Maybulk ceo Kuok Khoon Kuan said. He added that the group has two new supramaxes due for delivery in 2015 and 2016 and improved the fleet from the average age of 8.8 years in 2011 to 6.2 years in 2012.


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