Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

MISC's profits hit by lower box and tanker rates

MISC's profits hit by lower  box and tanker rates

Kuala Lumpur: MISC Bhd's full year profits fell as a down cycle hit both tankers and container shipping. The Malaysian shipowner reported a profit after tax of RM822m for the year ended 31 March, 2010, down from RM1.48bn in the previous year. Revenues for fell to RM13.77bn last year compared to RM15.78bn a year earlier. "The year 2009 saw the trough of the freight rate cycles for liner, chemical and petroleum shipping in tandem with the global economic turmoil," the company said. The fourth quarter of the year saw a bounce back in MISC's profitability with a profit of RM233m, compared to RM175m in the same quarter a year previous. The company said higher profits were mainly due a better performance of its LNG and offshore businesses, as well as cost reductions lowering operating costs. Looking to the year ahead MISC said the continued recovery of freight rates would track the speed and trajectory of global economic recovery. [07/04/10]

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish