Failing oil prices has no direct impact on Freight Management's financials

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KUALA LUMPUR: The global fall in oil prices has no direct impact on logistics player Freight Management Holdings Bhd,says its group managing director Chew Chong Keat.

" For our logistics services the oil prices impact is via fuel surcharges and bunker surcharges which [are passed on] costs that do not have a direct impact on our financials," he told reporters after the company’s annual general meeting today.  

However he said that it was a challenging first quarter ended Sep 30, 2014 (1QFY15) for the group with the Hari Raya festivities falling within the quarter,that caused a slowdown in business. 

The company will release its 1QFY15 financials by this evening on the local bourse. 

At its AGM this morning Freight Management shareholders approved all resolutions tabled.