Global Carriers narrows Q3 losses

Net loss during the quarter shrank to MYR5.51m ($1.71m) compared to a loss of MYR24.99m in the same period of last year. The company had recorded a loss of MYR18.38m on disposal of property, plant and equipment a year ago, resulting in the heavier losses.

Revenue for the Kuala Lumpur-listed company dropped slightly to MYR10.65m compared to MYR11.57m in the corresponding period of 2012. The decrease was due mainly to one vessel put on dry docking and two vessels under receivership and laid up.

Looking ahead, Global Carriers said the spot tanker market is expected to remain low for the remaining financial year due to the global economic uncertainties.