Malaysian Bulk Carriers had a fantastic first quarter with net profit more than doubling to MYR22.9m ($7.1m) from MYR9.1m previously on an 18% rise in turnover to MYR71.7m on improved charter rates and increased contributions from booming offshore unit PACC Offshore Services Holdings (POSH), the company said in a stock market announcement.

Contributions from dry bulk rose by MYR9.6m as average TCE rose 29%. Malaysian Bulk noted however that chartered-in vessels continued to suffer losses as the earnings from these vessels are still at levels below the charter-in cost.

POSH contributions leapt 91% to MYR25.5m and more than offset lower contributions from other investments where mark-to-market losses on investments caused a MYR823,000 exceptional operating loss for the quarter, Malaysian Bulk said.

Looking ahead, the company said: "The board is confident that our associate POSH will continue to contribute positively to the Group."

It added: "Overall the board believes the group will remain profitable for the year."