MISC Berhad Earns Less in 4th Quarter

Image Courtesy: MISC Berhad

Malaysia International Shipping Corporation Berhad (MISC Berhad) has seen its group profit for the fourth quarter of 2016 plunge by 33 percent mainly due to lower operating profit from LNG, petroleum and heavy engineering business segments.

The company’s net profit for the quarter ended December 31 stood at MYR 499,742, down from MYR 752,389 seen in the same quarter a year earlier, while group revenue slipped by 24 percent to MYR 2.5 billion, compared to the corresponding quarter’s revenue of MYR 3.3 billion. The decrease in revenue was mainly due to lower revenue in two business segments, namely, heavy engineering and LNG.

Operating profit of MYR 666.6 million was lower than the profit of MYR 1 billion seen in the same quarter a year earlier, mainly driven by lower revenue and higher depreciation by MYR 118.7 million, following the change in estimated useful life of LNG and Petroleum vessels beginning January 2016.

For the full year 2016, MISC Berhad reported a net profit of MYR 2.7 billion, up from MYR 2.5 billion seen in the previous year, while group revenue decreased by 12 percent to MYR 9.5 billion from MYR 10.9 billion recorded in the respective periods.

“The year 2016 saw the global shipping industry undergoing another volatile year where businesses across the Oil & Gas supply chain suffered under very difficult market conditions. Despite the prevailing challenges in 2016, MISC once again proved its resilience by turning in commendable financial and operational performances,” Yee Yang Chien, MISC President/Group Chief Executive Officer, said.

He added that MISC Berhad expects “no less than another challenging year ahead.”

*MYR 1 = USD 0.22

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jan 2018 >>
MTWTFSS
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 4

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >