Profits up for MISC

Kuala Lumpur: MISC's profits in the second quarter leapt 159% compared to the same period a year to RM416.3m. The Malaysian shipping company said the jump in profitability was mainly due to improved results from its restructured liner business and improved profits from its heavy engineering business. Profits were however 11.7% lower than the previous quarter which it said was mainly due to higher losses from its chemical tanker business. Looking forward MISC said: "We expect improvement in freight rates from last year's depressed levels. However, the competitive landscape in the shipping industry remains challenging with volatility in rates over the short term. In addition, prospects in the offshore and heavy engineering segments have significantly improved." [25/11/10]