Freight Management Holdings Bhd (FMH) is targeting a double-digit growth in net profit for the financial year ending June 30, 2007.
This is due to its new barge business and consistent contribution from its sea freight business.
The company had in February acquired a 51% stake in Singapore
-based TCH Marine Pte Ltd
, paving the way for it to enter the barge and tugboat business.
TCH is a provider of barge and tugboats, servicing the freighting of bulk raw materials between southern Thailand, Peninsular Malaysia and Singapore.
Freight Management was expecting TCH’s earnings contribution to its consolidated group performance to be more significant beyond its current financial year.
With the addition of the newly launched 240-ft. barge TCH now has five barges.
Source: The Star