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HomeMaritime NewsRegionsAsiaLiner exit write-offs plunge MISC into the red

Liner exit write-offs plunge MISC into the red

Liner exit write-offs plunge MISC into the red
Kuala Lumpur: A massive write-off from exiting liner shipping dragged MISC into the red for the nine months ending 31 December, 2011. Malaysia’s largest shipowner reported a net loss of RM1.22bn for the first nine months of its financial year compared to RM2.47bn profit the same period a year earlier.

“The full financial year’s pre-tax loss of RM1,22bn was mainly due to recognition of one off provision amounting to RM1,44bn consequent to the Group’s planned exit of Liner business. The provision includes impairment of assets, termination of leases and contractual obligations and employees related costs,” MISC said. 

MISC announced in the second half of last year it planned to exit its ailing liner business to focus on energy transportation. The company said the outlook for shipping remained weak but its decision to exit liner shipping would benefit it in the medium to long term.

 

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