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MISC 2014 profit up 6% to $620m

MISC saw 2014 full-year net profit rise 5.7% to MYR2.20bn ($620.2m) from MYR2.085bn last year, boosted by the disposal of assets through a finance lease in the fourth quarter.

Vincent Wee, Hong Kong and South East Asia Correspondent

February 6, 2015

1 Min Read
Kalyakan - stock.adobe.com

The company said in a stock market release that revenue increased by 3.6% to MYR9.3bn from MYR8.9bn previously due to improved freight rates in its petroleum business, commencement of the finance lease of the FPSO Cendor in the current year and higher earning days from the LNG business.

For the fourth quarter however, MISC’s earnings fell 11.4% to MYR959.0m from MYR1.08bn previously, despite the gains from disposal of assets of MYR654.6m. Revenue in Q4 increased by  6.7% to MYR2.29bn from MYR2.14bn.

However, it made a provision for impairments totalling RM358.92m compared with RM110.38m in FY13.

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About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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