Troubled air cargo firm Transmile today said its businesses, including aircraft chartering and leasing, would focus on a return to sustainable profits.

Newly appointed Transmile Group managing director Wong Yoke Ming also said the company continued to provide services to its major clients.

Transmile's business relationship with key customer DHL International, which contributes 48 percent of total revenue, remains intact, Wong told reporters after the company's annual general meeting.

"Our relationship with DHL is good, they have not threatened to pull anything from us," he said.

Transmile's accounting woes came to light on May 7 when it announced it failed to meet the deadline to submit audited financial statements for 2006.

The company had to restate previously announced net profits for 2006 and 2005 as losses after a special audit uncovered false statements of revenue and asset purchases going as far back as 2004.

The stock has since fallen by more than 50 percent. It closed today up 75 sen at RM4.48.

Top officials charged

Wong said the company's focus "is not just to return to profit but to build a platform for sustainable profitability."

In July, the Securities Commission took top officials of Transmile to court on charges of providing misleading information on the company's accounts.

Gan Boon Aun, founder and chief executive of the firm until he resigned on June 19, Lo Chok Ping and Khiudin Mohamad were charged with abetting Transmile in making the misleading statement in the company's 2006 financial accounts.

Former MCA chief Dr Ling Liong Sik has also quit as Transmile's chairman two days ago.

Transmile's prominent shareholders include Hong Kong-based Malaysian billionaire Robert Kuok, the Singapore government and national postal company Pos Malaysia, whose main shareholder is state investment arm Khazanah Nasional.