Malaysia-based box line operator PDZ Holdings more than doubled its first quarter net profit, Seatrade Asia online reports. The company's net profit for the quarter ended 30 September 2011 jumped to MYR3.3m ($1m) compared to MYR980,000 in the same period of last year.
Revenue also increased by 23.8% to MYR57.2m compared to MYR46.2m a year ago.
“Revenue growth was mainly contributed by our domestic liner service which registered good volume before the Hari Raya festive season, resulting in higher margin for the period under review,” PDZ said in a statement.
PDZ said the outlook for the liner shipping industry remains dim as global overcapacity continues to depress freight rates amid rising bunker fuel prices.
“Demand for container shipping will remain uncertain for the current year because of the worsening Euro sovereign debt crisis coupled with sluggish consumer spending in the US. The uncertain environment will likely impact the domestic economy which is starting to lose momentum,” it said.
Revenue also increased by 23.8% to MYR57.2m compared to MYR46.2m a year ago.
“Revenue growth was mainly contributed by our domestic liner service which registered good volume before the Hari Raya festive season, resulting in higher margin for the period under review,” PDZ said in a statement.
PDZ said the outlook for the liner shipping industry remains dim as global overcapacity continues to depress freight rates amid rising bunker fuel prices.
“Demand for container shipping will remain uncertain for the current year because of the worsening Euro sovereign debt crisis coupled with sluggish consumer spending in the US. The uncertain environment will likely impact the domestic economy which is starting to lose momentum,” it said.