MISC’s third quarter pre-tax profit was more than double MYR218.6m it made in the same period a year earlier.
The company said the increase was, “mainly due to higher share of profit from recognition of finance lease income for Gumusut-Kakap Floating Production System (FPS) project commencing June 2013.”
Revenues for the third quarter of 2013 were up 0.5% year-on-year at MYR2.17bn.
“Higher revenue in LNG business and higher freight rates in chemical business contributed to the increase in group revenue,” MISC said.
Looking ahead MISC, which is two-thirds owned by Malaysian state oil and gas company Petronas said: “Chemical and petroleum shipping prospects remain challenging amidst a vessel oversupply market. Long-term contracts in LNG and offshore businesses continue to provide stability to the group.
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