KUALA LUMPUR (Sept 29): Green Ocean Corporation Bhd’s managing director Datuk Frankie Tan See Meng said he is hopeful to “turnaround” the company to profitability, though he is unable to give a timeframe as to when he will be able to do it.

“When I [want to] step into the company, I’m prepared to do something about it. Though I can’t promise when [to turnaround Green Ocean], I will do my best,” Tan told reporters after the company’s AGM today.

Green Ocean has been loss-making in the past two financial years. For the first quarter ended June 30, 2014, its net loss has narrowed to RM591,000 from RM1.33 million in the previous corresponding quarter. Revenue stood higher at RM8.14 million compared with RM6.6 million.

All resolutions were passed at the AGM, including the renewal of shareholders’ mandate for recurrent related party transactions involving Sawit Raya Sdn Bhd worth RM501.8 million in total, of which Tan is also a director and major shareholder in.

Meanwhile, Tan dismissed of any plans to list Sawit Raya, or to use Green Ocean as a vehicle for backdoor listing, despite Sawit Raya having met the profitability threshold to list on the main market of Bursa Malaysia itself.

Tan also said Green Ocean will stick with palm-oil related business, and does not have plans to diversify into any other businesses.