Maybulk posts first annual loss of RM1bil

One of Maybulk’s bulk carriers. The company is still scouting around for new and modern vessels, in its effort to lower down its operating cost as a younger fleet will need lower dry-docking time.

KUALA LUMPUR: Malaysian Bulk Carriers Bhd (Maybulk) sank into a much wider loss attributable to equity holders of RM1.12bil for the fourth quarter ended Dec 31, 2015 from a loss of RM21.78mil a year earlier, dragging the company into its first-ever annual loss.

The company, which operates the country’s largest fleet of international dry bulk shipping vessels, told Bursa Malaysia yesterday that for the full year, it incurred RM1.18bil in loss compared with earnings of RM12.15mil in the preceding year. Revenue fell 5.6% to RM241.5mil.