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MALAYSIAN BULK CARRIERS BERHAD ("MBC or the Company") Article Entitled: "Buoyant rates to lift MBC profit"

MALAYSIAN BULK CARRIERS BERHAD

Type

Reply to query
Reply to Bursa Malaysia's Query Letter - Reference IDMM-070906-36025
SubjectMALAYSIAN BULK CARRIERS BERHAD ("MBC or the Company")
Article Entitled: "Buoyant rates to lift MBC profit"

Contents :

We refer to the query by Bursa Malaysia Securities Berhad vide its letter dated 6 September 2007, in relation to a news article appearing in The New Straits Times, Biznews section, page 40 on Thursday, 6 September 2007 and in particular the following statements:


"MALAYSIAN Bulk Carriers Berhad (MBC) ... said its net profit this year could rise as much as 17 per cent...."

"... full-year profit could reach between RM360 million and RM365 million...."


In response to the above query, Mr Kuok Khoon Kuan did not give percentage nor did he give any comparison between the 2006 and expected 2007 performance. However, as quoted in the Financial Daily of 6th September 2007, Mr Kuok disclosed that “There is no let up or signs that it (the shipping industry) is going south-bound anytime soon. For the second half of 2007, the Baltic Dry Index (“BDI”) has been going up, so there is no doubt that the performance will be equally strong.”

Mr Kuok commented that in view of the strong drybulk market as indicated by the BDI, if profit before tax (PBT) for first half 2007 was extrapolated, then the full year PBT would be about RM360 million to RM365 million.

We wish to clarify that the quoted figures were not intended to refer to any financial estimate, forecast or projection of our Group.

Query Letter Contents :

We refer to the above news article appearing in The New Straits Times, Biznews
section, page 40, Thursday, 6 September 2007, a copy of which is enclosed for
your reference.
In particular, we would like to draw your attention to the underlined sentences
which are reproduced as follows:-
"MALAYSIAN Bulk Carriers Bhd (MBC)...said its net profit this year could rise
as much as 17 per cent..."
"...full-year profit could reach between RM360 million and RM365 million..."
In accordance with the Exchange's Corporate Disclosure Policy, you are
requested to furnish the Exchange with an announcement for public release
confirming or denying the above reported article and in particular the
underlined sentences after due and diligent enquiry with all the directors,
major shareholders and all such other persons reasonably familiar with the
matters about which the disclosure is to be made in this respect. In the event
you deny the above sentences or any other part of the above reported article,
you are required to set forth facts sufficient to clarify any misleading
aspects of the same. In the event you confirm the above sentences or any other
part of the above reported article, you are required to set forth facts
sufficient to support the same, including the relevant bases and assumptions in
arriving at the above forecast.
Please furnish Bursa Securities with your reply within one (1) market day from
the date hereof.

Yours faithfully

JOHAN ABDULLAH
Head
Listing Division
Group Regulations
TYE/MZM
copy: Encik Chung Tin Fah, Securities Commission



Announcement Info

Company NameMALAYSIAN BULK CARRIERS BERHAD  
Stock Name MAYBULK    
Date Announced7 Sept 2007  
CategoryGeneral Announcement
Reference NoCU-070907-59895




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