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Hubline, one of Malaysia’s
fastest-growing regional lines, has recorded
impressive performance with its recent foray
into dry bulk shipping operation.
The shipping group recorded a higher revenue of
RM 558 million for the 2007 financial year, an
increase of 44 per cent from RM 387 million
recorded in the previous financial year.
Profit after tax (PAT) attributable to
shareholders was RM36 million, an increase of 50
per cent from RM24 million recorded in the
previous period.
“The increase in revenue and PAT was mainly due
to increase in freight revenue and contribution
from the newly-acquired dry bulk business in
Highline. Highline is a niche owner-operator of
a sizable fleet of tugs and barges plying on
short-haul routes. Highline’s fleet transports
mainly coal, gypsum, steel bars and iron ore,”
stressed Richard Wee Liang Huat in his
chairman’s statement in the company’s 2007
Annual Report.
Hubline group now operates an enlarged fleet of
17 containerships, 4 handysized bulk carriers
and 19 sets of tugs and barges. The acquisition
of Highline provides Hubline with exposure to
the lucrative dry bulk shipping and also
benefited Hubline in cost savings and operating
synergies.
Hubline’s container division remains stable
driven by continued strong demand in the
intra-Asian trade. Hubline continued to deliver
a satisfactory financial performance and
operational efficiency as it remains focus in
its business strategy through capitalising on
its competitive edge of calling at smaller ports
in niche markets in the intra-Asian region and
through an extensive network of over 50
destinations.
Richard said Hub line benefited from the strong
regional economies as all the vessels are
operating in niche markets in the intra- Asian
region.
Hubline group will continue to stay focus and
continue to operate in the niche markets where
there is a strong demand for vessels of our
sizes and where the trade growth in these
regions will continue to propel. The Management
will continue to improve its cost management and
implement measures to improve operational
efficiencies. |
