The company said in a stock market release that revenue increased by 3.6% to MYR9.3bn from MYR8.9bn previously due to improved freight rates in its petroleum business, commencement of the finance lease of the FPSO Cendor in the current year and higher earning days from the LNG business.
For the fourth quarter however, MISC’s earnings fell 11.4% to MYR959.0m from MYR1.08bn previously, despite the gains from disposal of assets of MYR654.6m. Revenue in Q4 increased by 6.7% to MYR2.29bn from MYR2.14bn.
However, it made a provision for impairments totalling RM358.92m compared with RM110.38m in FY13.
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