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MMM pessimistic on survival

MMM pessimistic on survival

Kuala Lumpur: Insolvent shipowner Malaysian Merchant Marine has admitted it is unlikely to be able to rebuild its business as it reports huge losses. MMM reported an unaudited net loss of RM110m for the quarter ended March 31, with revenues of just RM1.24m. The company's results were unaudited as it was unable to pay its auditors. The company said its business was at a "standstill" and was no longer a viable operating concern. "The board is in discussions with several parties on the company's future but is pessimistic any of these discussions will lead to fruitful conclusions," MMM said. [01/06/10]

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