MISC said in a release that the revenue rise was mainly due to higher revenue in Heavy Engineering following progress of projects in hand during the quarter while higher earning days in LNG business and improved freight rates in the Petroleum business also contributed to the increase.
Profits were boosted by the increase in revenue and lower operating costs from a smaller fleet of operating vessels.For the first nine months, group revenue rose 2.6% to MYR7.01bn from MYR6.83bn previously. The increase was primarily due to improved freight rates in Petroleum business and higher earning days in LNG business, MISC said, although this was tempered by a smaller fleet of operating vessels in chemical business and lower revenue recognized by heavy engineering in the current year, from different phases of project construction. Cumulative year net profit rose to MYR1.25bn from MYR1bn previously.
Looking ahead, MISC said chemical and petroleum shipping prospects remain challenging amidst a vessel oversupply market however long-term contracts in LNG and offshore businesses continue to provide stability to the group.
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