Revenue rose 7.7% to MYR2.4bn from MYR2.2bn in the previous corresponding period as higher contributions from the heavy engineering segment from more jobs, and the lease commencement of two floating storage units of a liquefied natural gas (LNG) regasification project kicked in.
At the operating level, profit soared 43.2% to MYR394.9m from MYR275.9mi previously mainly due to lower operating costs from a smaller fleet of operating vessels, especially for the petroleum and chemical businesses, MISC said.
Higher average freight rates have also helped boost performance of its chemical carrier business, it added. MISC however warned that the market for petroleum shipping remained weak, contributing to the decline in its petroleum business' revenue.
The company expected 2013 to continue to be challenging for shipping but said long-term contracts in its LNG and offshore businesses would continue to provide stability.
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