PDZ records net loss of RM1.06 million in the first quarter

PETALING JAYA: PDZ Holdings Bhd posted a net loss of RM1.06 million in the first quarter ended Sep 30, 2015, compared with RM1.67 million in the previous corresponding quarter, on higher vessel running costs and foreign exchange losses.
The company is in marine transportation of containerised cargo and the downstream oil and gas industry.
In a filing with Bursa Malaysia yesterday, PDZ said higher vessel running costs were up by 5%, while realised foreign exchange losses amounted to RM0.66 million.
“This is a result of the depreciation of the ringgit against the US dollar from RM3.20 per dollar in the preceding quarter to more than RM4 per dollar in the current quarter,” it said.
However, its revenue increased 8% to RM40.91 million, compared with RM37.88 million last year, he said, adding that it gained profit from operations of RM0.3 million for the first quarter, from a loss of RM1.03 million in the preceding year’s corresponding quarter.
Commenting on its prospects, PDZ expects the severe tonnage oversupply to continue to plague the container shipping industry, causing freight rates to be stagnant.
“However, we expect to see some improvements in business volume in the coming quarters,” it added.
On an ongoing basis, the group said it will continue to look for new businesses, which will provide enhancement to its future earnings.