Shin Yang has almost broken even in the first quarter as both shipbuilding and shipping operations took a hit.
The Malaysian company reported after-tax earnings of MYR 0.6m ($0.1m) for the three months to the end of September, against MYR 4.1m a year ago.
The quarterly operating revenue came in at MYR 131.3m against MYR 183.9m at the same spell of 2015.
The shipping segment contributed MYR 111m of the total turnover, a decline of 21.5% due to lower volumes from and to UAE.
“The group is confident in the stability of the domestic, coastal and container shipping and challenging projects development in Middle East operations,” Shin Yang said.
“The continuous improvement in terms of operational costs management, fleet efficiency and routes enhancement would be an important priority in the next few quarters ahead.”
