Malaysian Bulk Carriers (Maybulk) has reported a profit after tax of MYR4.32 million ($1.04 million) for the third quarter ended September 30, 2025, a 61 per cent decrease from the MYR11.01 million profit recorded in the same period last year. The company's revenue for the quarter fell by 27 per cent year-on-year to MYR20.01 million.
The drop in revenue was partly attributed to the shipping bulkers segment, which saw revenue decrease to MYR9.50 million from MYR11.20 million in Q3 2024.
Despite a slight increase in average charter rates to $13,836 per day, the segment was impacted by the weakening of the US dollar against the Malaysian Ringgit.
The shelving and storage solutions segment also saw a decline, with revenue falling to MYR10.51 million from MYR16.04 million in the prior-year period, due to lower margins and pricing pressure from foreign competitors.
For the first nine months of 2025, Maybulk reported a profit after tax of MYR15.57 million, a significant increase from MYR5.22 million in the same period of 2024. Year-to-date revenue was MYR65.47 million, slightly down from MYR67.63 million in the previous year.
The improved profitability for the nine-month period was supported by a 14 per cent increase in average charter rates and higher hire days in the shipping bulkers segment compared to the previous year, which had been impacted by drydocking.
The group recorded an unrealised foreign exchange gain of MYR0.30 million in Q3 2025, compared to a gain of MYR13.82 million in Q3 2024. Additionally, a gain of MYR2.00 million was recognized from the liquidation of subsidiaries.
Looking ahead, Maybulk expects the shipping bulkers segment to remain stable and profitable in Q4 2025, with its remaining vessel, Alam Kuasa, under a long-term contract. The company does not expect revenue from its Warehousing segment until 2026 due to delays in planning approval.