Shipping company PDZ Holdings, which was in the spotlight recently,
reported net losses of RM1.67mil in the first quarter ended Sept 30,
2014, a contrast from the net profit of RM778,000 a year ago but it
expects an improvement in the current financial year.
It said on Tuesday the severe over-tonnage continued to plague the
container shipping industry causing freight rates to be stagnant.
“However, we expect to see some improvements in business volume in
the coming quarters. On an ongoing basis, the group continues to look
for new businesses,” it said.
PDZ recorded pre-tax loss of RM1.12mil compared with a pre-tax
profit of RM1.40mil. Revenue fell 13.1% to RM37.87mil from RM43.60mil.
Loss per share was 0.19 sen compared with earnings per share of 0.09
sen.
“The group incurred non-deployment costs of RM460,000 for the
quarter under review compared with RM980,000. Administrative expense
increased by 14% from RM3.62mil a year ago to RM4.14mil,” it said.
On the liner business, PDZ said revenue fell by 11% to RM35.76mil from RM40.06mil a year ago due to lower business volume.
PDZ’s ship operating profit before non-deployment costs and
administrative expense fell 41% to RM3.50mil from RM5.89mil due to the
lower revenue whilst fixed operating costs remain high.
Its non-vessel operating carrier segment also saw a 40% drop in
revenue to RM2.12mil from RM3.55mil on lower business volume. It
recorded an operating loss of RM50,000 versus an operating profit of
RM58,000 a year ago.
When compared with the fourth quarter ended June 30, 2014, it
posted loss before tax of RM1.12mil compared with a pre-tax profit of
RM2.89mil.
Revenue fell 14% to RM37.88mil from RM43.82mil due to the lower revenue whilst fixed operating costs remain high.
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