Malaysian Bulk Carriers Bhd (-ve)
TRADING of shares in Malaysian Bulk Carriers Bhd (Maybulk) (fundamental: 0.2/3, valuation: 0.3/3), which triggered our proprietary momentum algorithm yesterday for the first time this year, closed up 2.5 sen or 4.0% at 65 sen, with a market capitalisation of RM650.00 million.
A total of 3.71 million shares were done, versus its 200-day average trading volume of 49,4079 shares.
The company owns and operates a fleet of vessels which includes dry bulk carriers and product tankers.
Maybulk reported a net profit of RM23.02 million in its third quarter ended Sept 30, 2018 — its first quarterly profit in four years — versus a net loss of RM17.82 million last year.
Maybulk attributed the improved quarter to a positive net change in onerous contracts provision of RM23.74 million, despite an 11% fall in revenue to RM58.18 million from RM65.41 million in the year-ago quarter.