Malaysian Bulk Carriers reported a fourth-quarter net loss that was smaller than is loss from a year ago as revenue stabilised and operating expenses fell.
But the company's stake in PACC Offshore Holdings (POSH) still weighed on the result.
The Robert Kuok-controlled company reported a MYR 400.4m ($90.2m) loss for the fourth quarter, an improvement from the MYR 1.13bn loss reported in the year-earlier quarter.
Revenue for the quarter was MYR 64.2m, down slightly from the MYR 64.7m reported in the same quarter of 2015.
Voyage expenses fell 22% to MYR 18m and operating expenses dropped 40% to MYR 47.4m, leading to a smaller operating loss.
But the company reported a MYR 302.4m loss from its stake in POSH. POSH brought MBC a MYR 106.8m the prior year.
The company reported average time-charter equivalent (TCE) rates for its 21-strong fleet of panamax, surpramax and handymax vessels at an average $6,226 per day during 2016, down 16% from a year earlier.
Overall, MBC's dry-bulk shipping segment recorded a loss of MYR 27.6m for all of 2016, compared to a MYR 89m loss for the full 2015 year.
In the tanker segment, the company reported a MYR 15.5m profit for the year compared to a MYR 4.3m loss in 2015.
Its three handysize tankers saw a slight gain in TCE rates to $14,651 per day.
