PDZ projects lower earnings
Thursday, 23 February 2012 | 15:03
Malaysia-based shipowner PDZ Holdings is forecasting lower revenue and profit into the year due to rising bunker fuel costs and scheduled drydocking of two of its vessels.
In the first half of its financial year ended 31 December 2011, however, PDZ posted stronger results with net profit of MYR6.5m ($2.1m) compared to MYR3.5m in the same period of 2010. Revenue during the period also improved 16.4% year-on-year to MYR109.6m.
“We expect lower revenue and profit for the remaining quarters of the financial year as two of our vessels are scheduled for drydock. Additionally, bunker cost is on the uptrend and business volume is traditionally weak during Chinese New Year and Gawai holidays,” the company said.
It added that the group did not charter out any vessel in the current financial year. Profits from chartering segment in the last financial year was MYR159,000.
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