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MISC profits fall on weaker tanker business

MISC profits fall on weaker tanker business

Kuala Lumpur: MISC's net profits dipped 39% in the third quarter hit by losses from its liner and chemical tanker businesses. The Malaysia's largest shipowner reported RM191.6m pre-tax profit for the third quarter ended 31 December 2009, down 38.6% on the same period a year earlier. Revenues for the quarter fell 17.2% to RM3bn. "The reduction was mainly due to lower profit in petroleum business and higher losses in liner and chemical businesses," the company said. MISC noted the shipping industry continued to suffer from excess tonnage, although a recent pick-up in demand had absorbed some tonnage and resulted in a pick-up in rates towards the end of 2009. "The recovery in freight rates is expected to continue over the short to medium term," the company said. "MISC's earnings for the medium term will continue to be underpinned by the long term charters in its LNG and offshore businesses as well as growth in its heavy engineering division." [25/02/10]

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