Global turns profit

Malaysia’s Global Carriers has posted a profitable second quarter result thanks to an investment disposal during its debt restructuring.

The tanker company said it made MYR 12.9m ($3.9m) during the second three-month period of 2014, compared to last year’s MYR 6.3m loss.

Revenue increased to MYR 8m from MYR 3.5m thanks to the return of two vessels from drydock.

Global had posted a deficit of MYR 190.35m in the first quarter of the year.

On 13 August, the Bursa Malaysia exchange granted the owner an extension of up to 30 September to submit a restructuring plan.

A repayment claim of MYR 26.39m by Kuwait Finance House is still being fought, the company said.