Asia/Pacific News
Malaysia's Fast Energy Cuts Q3 Losses on Bunkering Gains
Malaysian marine fuels and energy firm Fast Energy saw its losses sink by 58% in the third quarter of 2022 on gains from its bunkering division.
The firm made a loss of 1.16 million ringgit ($263,000) in the three months to September 30, down from a 2.76 million ringgit loss in the same period a year earlier, it said in an exchange filing on Wednesday.
An increase in revenue at the firm came "mainly due to an increase in the group's oil bunkering and petroleum trading business segment," the company said.
The segment saw a net loss of 1.84 million ringgit in the first nine months of the year, compared with a 4.2 million ringgit loss a year earlier.
Because of "growing demand for marine fuel oils as global trade and shipping activities gain momentum following reopening of economies, management is cautiously optimistic on the overall prospects of this business segment barring any unforeseen circumstances," the company said.
