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HUBLine Bhd, the regional
specialist in the container trade has made
inroads into bulk shipping by acquiring Highline
Shipping Sdn Bhd for RM 86 million.
Highline Shipping is engaged in dry-bulk cargo
shipping and sale and hire of heavy equipment
while Highline Shipping presently owns and
operates a fleet of 15 sets of tug boats and
barges plying the Intra-Asian routes carrying
cargoes such as iron ore, coal, gypsum, heavy
machinery and equipment amongst others.
The Group’s acquisition of a 50.23 per cent
stake in Highline Shipping Sdn Bhd is expected
to positively contribute to the Group’s bottom
line for the second half of 2007.
HUBLine, which is optimistic of the continuing
trade growth in the intra-Asian, posted group
revenue about RM30 million higher than pervious
year corresponding period of RM190 million for
the cumulative six months ended 31 March 2007 at
RM220 million.
The increase in revenue was mainly due to
increased freight revenue resulting from
increased number of vessels in operation
compared to preceding year.
“Today we have over 20 services at Port Klang
and connecting various home trade ports and
regional ports said the general manager of
HUBLine, Mr Dennis Liong.
HUBline offers five weekly sailings to and from
Port Klang connecting 10 major container ports
in the home trade, including , three ports in
Sarawak and three ports in Sabah and four major
ports in Peninsula Malaysia.
Recently the shipping line elected to hub at the
new Sepangar Bay Container Terminal at Kota
Kinabalu in Sabah to strengthen its expanding
transshipment base in the region.
“In the regional front, our ships are weekly
connecting Yangon port in Myanmar, Haiphong and
Ho Chi Minh ports in Vietnam, Chennai in India,
Jakarta in Indonesia, Bangkok, Laem Chabang and
Bangpakong ports in Thailand, Hong Kong,
Shanghai ports in China, Pusan in Korea and
Chittagong port in Bangladesh and Muara in
Brunei and Port of Singapore,” said Dennis.
The latest financial performance of the group
shows that the earnings from the shipping and
related business grew by more than 15 per cent
to RM219 million in the first half of current
financial period as compared with RM190 million
in the corresponding period of last year.
However, the profit after tax for the six months
ended 31 March 2007 at RM 14.7 million is lower
than the previous year corresponding period of
RM 16.8 million by RM 2.1 million.
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