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MISC first half profits up 29% on stronger tanker market

MISC first half profits up 29% on stronger tanker market
The healthier tanker market helped boost MISC’s first half operating profit by 29% to MYR1.14bn ($295.5m).

The Malaysian shipowner said that revenues for the first half of 2015 were also up at MYR5.09bn, 5% higher than the MYR4.83bn in recorded in the same period a year earlier.

MISC attributed the rise in operating profit to higher revenues from petroleum shipping and offshore combined with lower operating costs and a smaller chemical tanker fleet. However, its core LNG shipping business saw a decline in both profit and revenues.

Looking to the second half of 2015 the company said its financial performance would be underpinned recurring income from long term LNG and offshore contracts. It said that the strength of it petroleum shipping business was likely to carried in the second half of 2015 barring a cutback in global oil production.