SHIPOWNER Halim Mazmin Bhd posted a net profit of RM18.73 million on a revenue of RM97.39 million for its nine months to September 30 2003.

 
In the corresponding period last year, the company reported a net profit of RM21.38 million on a RM99.54 million revenue.

 
The lower net profit and revenue was due to offhire of certain vessels due for drydocking.

 
The company recorded a basic earnings per share of 27.14 sen against 31.13 sen in the nine months of last year. Its net tangible assets as at September 30 2003 improved to RM2.49 per share compared to RM2.21 as at December 31 2002.

 
For its third quarter, Halim Mazmin recorded a net profit of RM5.28 million on a revenue of RM32.87 million against a net profit of RM7.51million on a RM33.35 million revenue previously.

 
Executive chairman Tan Sri Halim Mohammad Mazmin is confident that the company will maintain its profit performance for the financial year ending December 31 2003 as its fleet of vessels are mainly employed on long-term charter contracts.

 
He is also positive on the company's future earnings, given the overall improvement of freight rates in the bulk and container sectors.

 
"Halim Mazmin stands to benefit from the higher freight rates as the charter party agreements for two of its container vessels will be expiring in mid-2004 and negotiations for new charter party agreements will be finalised soon," he said in a statement.

 
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, namely 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.