Malaysian Bulk Carriers sees better 3Q results

Bulk and tanker player Malaysian Bulk Carriers saw net profit for the first nine months fall 37% to MYR48.5m due to continuing weakness in dry bulk and tanker rates, Seatrade Asia online reports.

For the third quarter though, results were better, with net profit of MYR17.1m, a significant improvement from just MYR371,000 in the previous corresponding quarter and following through on the MYR882,000 net profit in the quarter before.

Revenue however fell to MYR64.5m from MYR85.2m previously as rates plunged, in the dry bulk sector in particular.