Hubline to address its financial woes and keep company afloat

KUCHING: Shipping firm Hubline Bhd, which is ladden with huge debts of some RM587mil, is undertaking a painful restructuring exercise to address its financial woes and keep the company afloat.

The discountinuing of its loss-making container shipping operations recently has cost Sarawak-based Hubline about RM360.7mil, including RM236.4mil loss on impairment of container property, plant and equipment, RM69.4mil in goodwill on container business and RM20mil in provisions for container receivables as of June 30 this year, according to independent non-executive director Ibrahim Baki.