Shin Yang of Malaysia has boosted its profit for the first quarter of the financial year despite a decline in revenue.
The diversified Asian shipowner said net profit for the period was MYR 4.1m ($0.97m) compared to MYR 0.1m a year earlier.
Its quarterly revenue sat at MYR 183.9m, down from MYR 255.9m. Shin Yang explained this was due to reduced shipbuilding activity, while its shipping turnover also fell due to lower dry cargo volumes.
But
