The shipowner said the net deficit was MYR 190.44m ($58.95m),compared to a profit of MYR 2.38m in the previous year.
Revenue declined to MYR 379.62m against MYR 499.06m, while “otherexpenses” jumped to MYR 180.59m, from MYR 8.51m a year ago.
It said: “The shipping market for the foreseeable future isexpected to be challenged by subdued demand for shipping services and increasedcompetition.
“Against this outlook, the group shall continue to evaluatevarious niche trade routes in Malaysia and intra-Asian regions with an objectiveof increasing vessel capacity, utilisation rates and profitability.”
