KUALA LUMPUR (May 29): MALAYSIAN BULK CARRIERS BHD []'s (Maybulk) net profit fell 71% to RM9.01 million in the first quarter ended March 31, 2013 from RM30.94 million a year earlier.
In a statement to the exchange, Maybulk said revenue declined 16% to RM60.34 million from RM71.99 million. Revenue had fallen on lower income from the dry bulk segment.
"The dry bulk market generally weakened in the first quarter of 2013 and the average earnings for all bulk carriers remained low.
"The charter rates earned by the group’s dry bulk fleet declined 24% to US$8,203/day. Consequently, the group’s dry bulk segment turned in a loss of RM9.9 million, against a profit of RM9.8 million recorded in the corresponding period a year ago," Maybulk said.
While dry bulk trade is anticipated to grow 5% in 2013, Maybulk said it also mindful of the increase in global fleet of bulk carriers.
Written by Chong Jin Hun of theedgemalaysia.com
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