MISC Berhad’s Quarterly Profit Plunges

Image Courtesy: MISC Berhad

Malaysia International Shipping Corporation Berhad (MISC Berhad), a shipping arm of Petronas, has seen its profit for the third quarter of 2016 drop by some 71 percent compared to the same period a year earlier, amid the prevailing weak market situation.

The company’s profit stood at MYR 143.3 million (USD 34.3 million), representing a drop from the MYR 504.1 million (USD 120.6 million) reported in the third quarter of 2015.

MISC Berhad said that its revenue for the quarter was at MYR 2.29 billion, down from MYR 2.5 billion in the corresponding period a year earlier.

However, during the first nine months of 2016, the company’s profit increased by 28 percent to MYR 2.29 billion from MYR 1.78 billion seen in the nine-month period in 2015. Its revenue for the respective periods was down to MYR 7 billion from MYR 7.59 billion.

“Amidst difficult market conditions, the recent positive developments and accomplishments reflect MISC’s resilience in demonstrating excellent financial and operational performance as well as provide the impetus to drive us forward,” Yee Yang Chien, MISC’s President/Group Chief Executive Officer, said.

He added that MISC Berhad “achieved significant milestones” during the quarter, including an upgrade of MISC’s ratings, the naming and delivery of the company’s first LNG MOSS-Type Carrier, Seri Camellia and its first Marginal Marine Production Unit, MaMPU 1.

MISC Berhad said that it plans to capitalise on timely investment opportunities to ensure future business sustainability.

“Leveraging on our financial strength, we will allocate both our capital and human resources toward building value in our existing businesses, as well as in strengthening the quality of our income by expanding into growth areas that will provide us with recurring long-term income streams,” Yee Yang Chien said.

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2018 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

The 27th World Gas Conference

The 27th World Gas Conference is the leading global industry event and is the definitive gathering of influential leaders, buyers and sellers, policy-makers and experts from around the world.

You will hear critical business insights and lively debates on the most topical issues facing the global gas industry today and in the future.

From 25-29 June 2018, Washington DC is expected to host 12,000 attendees, 500 speakers and 350 exhibitors representing, more than 600 companies from 100 countries.

Presented by the IGU, this is the largest and most high-profile gas event that is conducted by the industry for the industry.

Read More

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

BlueWeek2018

The BlueWeek2018 will be held on 28-29-30 May in Rotterdam, under the auspices of the Blue Forum…

read more >

Posidonia 2018

Posidonia, the international shipping exhibition, has long been established as one of the major calendar events…

read more >