Great Harvest Maeta Group HOldings (HKG:3683) said that the group expect to record a consolidated loss for the year ended 31 March 2012 as compared with a consolidated profit for the year ended 31 March 2011.

Such consolidated loss was mainly attributable to a significant drop in the group's income and profit due to unfavourable market factors. During that period, the average daily time charter rate of the world's panamax and capesize dry bulk fleet dropped from about US$21,275 and US$26,807 for the year ended 31
March 2011 to about US$12,292 and US$15,245 for the year ended 31 March 2012,
respectively, representing a decrease of about 42% and 43%, respectively.

The Baltic Dry Index also decreased from 1,530 points as at 31 March 2011 to 930 points as at 31 March 2012, representing a decrease of about 39%.

Source:chinesestock