SHIPOWNER Halim Mazmin Bhd turned in a net profit of RM13.45 million for its six months to June 30 2003 compared with RM13.88 million in the previous corresponding period.

 
Its turnover for the period under review fell slightly to RM64.52 million from RM66.18 million in the previous corresponding period due to the off-hire of two of the group's vessels that were due for drydocking.

 
Halim Mazmin's earnings per share for the first half was 19.58 sen compared with 20.20 sen in the previous corresponding period, while its net tangible assets per share as at June 30 2003 improved to RM2.44 from RM2.21 as at December 31 2002.

 
Executive chairman Tan Sri Halim Mohammad said the company remains positive about its future earnings due to the improvement of freight rates in the bulk and container sectors.

 
"We are pleased with the first six-month results. With the improved rates and a better economy globally, shipowners can now look forward to better times.

 
"Barring unforeseen circumstances, the company is confident of maintaining its profit performance for the year ending December 31 2003.

 
The improved rates augur well for the company," he said.

A shipping analyst said the improved freight rates will see Halim Mazmin staging a better performance in its second half.

 
Halim Mazmin has nine vessels, of which four are containerships, namely, Japan Senator, America Senator, Harmony Container and Freedom Container.

 
Four others are product tankers: Meridian Sun, Meridian Star, Meridian Vega and Meridian Mira.

The company also has one bulker, Meridian Polaris, which is the largest in the country with 149,475 deadweight tonnes.

 
It also entered into a sale and purchase agreement with Powick Marine (S) Pte Ltd for the acquisition of 40 per cent equity interest each in Splendid Shipping Sdn Bhd and Sterling Shipping Sdn Bhd on March 12.

 
Upon completion of the acquisitions, Splendid and Sterling will become wholly-owned subsidiary companies of Halim Mazmin.