Wednesday May 14, 2008
Scomi Marine posts lower Q1 pre-tax profit
KUALA LUMPUR: Scomi Marine Bhd registered a lower pretax profit of RM12.97mil in its first quarter ended March 31, from RM17.48mil in the same quarter in 2007.
In a filing to Bursa Malaysia yesterday, Scomi said revenue fell to RM111.92mil from RM116.47mil previously.
However, before conversion into ringgit for reporting purposes, its revenue for the first quarter was 3% higher than that in the same period last year, the company said.
“The improved performance was attributed to higher coal tonnage carried and improved fleet utilisation rate due to a more efficient operation.”
The marine logistics business continued to be the highest contributor at 60% of revenue while the remaining 40% came from its offshore support business.
“The weakened US dollar was a big factor and this was clearly reflected in Scomi Marine's first quarter results,” chief executive officer Shah Hakim Zain said in a statement. – Bernama
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