No revision of profit forecast, says Tasco


  • Business
  • Friday, 28 Dec 2007

MYT 3:54:57 PM

KUALA LUMPUR: Logistics solutions provider Trans-Asia Shipping Corporation Bhd (Tasco) does not see any need to revise its net profit forecast, respectively, for FY07 and FY08 of RM12.8mil and RM14.8mil, although crude oil is nearing US$100 (RM330) a barrel and the global economy is slowing down. Its financial year (FY) ends Dec 31. 

Tasco offers international total logistics solutions with the integration of various services such as customs clearance, sea and air freight forwarding, trucking, warehousing, container haulage, auto logistics, buyer consolidation and other value-added services.  

Tokyo-based NYK Group, an investor in Tasco since the late 1980s and one of the largest logistics and shipping companies in the world, has a 27.8% stake in the company. 

Tasco chairman Tan Sri Asmat Kamaluddin said the economies of China and India were still growing and would still need the services of logistics solutions providers. "We're confident that movement of goods from China and India will still provide a lot of opportunities," he said. 

Asmat was speaking to reporters after the listing of Tasco's five million shares of RM1 each at RM1.10 per share on the Main Board of Bursa Malaysia on Friday. 

NYK Logistics & Megacarrier executive vice-president Minoru Sato said shipping from Asia to Europe would grow by 15% next year compared to this year while growth for the Asia to US sector would be between 5% and 7% next year compared to this year.  

"For this year, the Asia to Europe sector grew 20% compared to last year while the Asia to US sector grew 7%," Minoru said, adding that growth for the Asia to US sector would be affected by the slowdown in the US economy. Tasco and NYK, which have 28 and 379 logistics hubs respectively, leveraged off each other's network in the provision of services.

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