05-11-2016

MISC Q3 profit falls 16.8pc to US$36.8 million as sales rise 9.1pc

MISC

MALAYSIA's MISC Group's third quarter pre-tax profit fell 16.8 per cent year on year to MYR154.6 million (US$36.8 million), drawn on revenues of MYR2.5 billion, which increased 9.1 per cent.

Group revenue for the first nine months of 2016 came to MYR7.07 billion, down 6.8 per cent year on year.

The main shareholder of Malaysia International Shipping Corporation (MISC) is the Petroliam Nasional Berhad (PETRONAS), the national oil conglomerate of Malaysia.

MISC's principal business is shipowning, operating, owning and operating offshore floating facilities as well as marine repair, marine conversion and engineering and construction work. 

It has diversified fleet of 120 vessels and a combined tonnage 13,000,000 deadweight, according to Wikipedia.

"Amidst difficult market conditions, the recent positive developments reflect MISC's resilience in demonstrating excellent financial and operational performance as well as providing the impetus to drive us forward," said MISC president and CEO Yee Yang Chien.

"We have achieved significant milestones during this quarter that include the S&P's [Standard & Poor's] upgrade of MISC's ratings, winning the contract for Chevron Offshore Thailand's FSO Benchamas 2 Project as well as the naming and delivery of our first LNG MOSS-Type Carrier, the Seri Camellia and our first Marginal Marine Production Unit, MaMPU 1," said Mr Yee.

"Moving forward, to fulfil our aspiration of consistently providing better energy-related maritime solutions and services, MISC will capitalise on timely investment opportunities to ensure future business sustainability," he said. 

For more, visit www.shippingazette.com

Source: Schednet

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