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MISC back in the black

MISC back in the black
Kuala Lumpur: Malaysia's MISC Bhd returned to profit in 2012 turning in a net gain of $249.86m recovering from a loss of $574.93m the year before. Revenues however fell to $3.07bn from $3.20bn previously.

For the fourth quarter revenue fell to $786.27m from $791.34m previously, while net profit came in at $231.92m from a $571.55m loss
previously.

MISC attributed the good results to a a one-off gain after the lease commencement of a liquefied natural gas regasification project and
realisation of 50% inter-company profit following divestment of a 50% stake in Gumusut-Kakap Semi Floating-Production System (L) Ltd.

Majority shareholder Malaysian state oil and gas firm is currently seeking to privatise MISC offering MYR5.30 per share for all the shares in MISC it does not already own. The offer has come under fire from some shareholders as undervaluing the company.