Revenue slid 3.7% to MYR2.29bn from MYR2.379bn previously, on lower contributions from its heavy engineering division as more current projects neared completion revenue recognition from progress payments decreased, while its new projects are in the early stages of construction and yet to see significant revenue recognition.
The chemical tanker business also saw lower revenue contributions as its fleet of operating vessels got smaller.
The profit rise came from a higher share of profit from joint ventures, especially the Gumusut-Kakap Semi Floating Production System, following commencement of its finance lease income last June, MISC said.
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