Maybulk swings back into profit

KUALA LUMPUR: Malaysian Bulk Carriers Bhd (Maybulk) swung back to profit in the financial year ended Dec 31, 2021 (FY21) with a net profit of RM192.53mil against a net loss of RM20.78mil a year ago.

“The positive results for FY21 was mainly due to the increase in operating profit, as well as non-recurring items of gain on disposal of property, plant and equipment, reversal of vessel impairments, and the gain on derecognition of a joint venture,” Maybulk said in the notes accompanying its financial results.