Yinson defers haulage services to Thailand

  • Business
  • Saturday, 15 Oct 2005

TRANSPORTATION company Yinson Holdings Bhd has temporarily deferred its plan to start cross-border haulage services between Malaysia and Thailand. 

Managing director Lim Han Weng said the timing was not right presently as there were too many Malaysian players in the Thai market. 

“The situation is unfavourable now and we’ll wait for the right time before going to Thailand,” Lim told StarBiz

Undercutting in the Thai haulage business was quite rampant, especially in the southern provinces, as there were too many players eyeing the same pie, he said, adding that there were at least 30 Malaysia companies in the Thai haulage market. 

He said the company would probably start cross-border services next year when competition is expected to cool off. 

For now, the company would focus on Johor Port, Port Klang and Penang Port as cargo volumes at these ports were still sufficient. 

Lim said as a preparation to enter the Thai market, the company had built a RM5mil transit centre in Bukit Kayu Hitam, Kedah. 

The centre, sited on a 2.42ha land, has facilities such as warehousing storage, including a cold room for perishable goods. 

Lim said the company would expand its fleet by another 50 trucks this year, costing RM10mil.  

As of January 2005, it has 339 trucks in operation. 

For the financial year ended Jan 31, 2005, Yinson's revenue increased to RM426.31mil from RM190.07mil in 2004, while pre-tax profit was RM12.09mil in 2005 against RM2.16mil previously. 

 YINSON :  [Stock Watch]  [NewsYINSON-OR :  [Stock Watch]

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