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MISC Q1 profit drops 3%, 'cautiously optimistic' on outlook for 2015

MISC Q1 profit drops 3%, 'cautiously optimistic' on outlook for 2015
MISC reported a 3% drop in Q1 profit before tax, but said it was “cautiously optimistic” about the outlook at its AGM in Kuala Lumpur today.

The Malaysian shipowner reported a Q1 2015 profit of MYR511.9m compared MYR527.9m in the same period a year earlier.

The company said the fall was mainly due to a 7.2% drop in operating profit, which in turn was “mainly due to lower revenue in LNG business and additional costs incurred on some heavy engineering projects".

“However, higher profit in offshore business and lower losses in chemical business helped to alleviate the decrease in group operating profit,” it noted.

Revenues for the first quarter were up by 8.7% at MYR2.49bn.

Looking ahead the company said it business would continue to be propelled by long term contracts in the LNG and offshore sectors.

“We are pleased to start the year with a positive revenue growth although the year ahead is expected to be challenging, particularly due to the temperamental market conditions. Nevertheless, we remain cautiously optimistic on long-term prospects, and we are focused on our strategic plans towards sustainable growth,” said Yee Yang Chien, president and ceo of MISC.