HUBLine posts Q2 net profit of $864,500
Malaysia-based HUBLine posted a 42% decline in second quarter net profit as revenue shrank, Seatrade Asia Online reports.
Second quarter net profit was registered at MYR2.75m ($864,500) compared to MYR4.74m in the corresponding period of last year.
Revenue also fell to MYR121.7m from MYR164.52m.
“The turnover for the shipping division came down by MYR13m mainly due to the stoppage of three vessels for maintenance to take advantage of the lunar New Year festive season holidays,” HUBLine said.
In an effort to improve its future results, HUBLine is continuing to review its operations with the objective of containing costs and maximising exposure to higher yielding, higher volume trade routes.
“Furthermore, the group shall continue in its expansion to targeted Asian markets and Papua New Guinea,” it said.
