Freight Management Keen to Broaden Market Reach, Services
Posted on: Wednesday, 1 March 2006, 00:00 CST
INTERNATIONAL multimodal freight service provider Freight Management Holdings Bhd registered RM1.9 million net profit on the back of RM38 million revenue in its second quarter ended December 31 2005.
For the cumulative six-month period to December 31 2005, Freight Management reported a group revenue of RM76.1 million, and the net profit was RM3.8 million, while earnings per share was 4.5 sen.
Managing director Chew Chong Keat said the company has a robust business model in place, which has enabled it to compete effectively and benefit from the positive local and regional economy.
"We are growing in tandem with the export and import activity of our large customer base, and are also continuing to win new customers," he said in a statement.
Chew said the company is keen to expand its market reach and portfolio of services due to favourable business conditions in the region.
Freight Management recently signed an agreement to invest in a 51 per cent stake in Singapore-based TCH Marine Pte Ltd, a niche provider of barge, tugboat and other marine services.
"We believe TCH has excellent growth potential, and will be an important earnings contributor to the Freight Management Group in future years," he said.
Listed on second board of Bursa Malaysia on February 3 2005, Freight Management has four key business segments - sea freight, rail freight, air freight and supporting services.
The company handles more than 50,000 TEUs (twenty-foot equivalent units) of sea and rail freight annually. It has developed an extensive international network of 54 independent agents that covers 69 ports in 30 countries.
Source: Business Times; Kuala Lumpur
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