MISC Q2 Net Profit Down 59%
Malaysian shipping line MISC Berhad has recorded a 58.7% drop in its earnings for the second quarter of this year compared to the previous corresponding quarter.
The company announced a net profit of RM 556.5mln in its quarter ending June 30, 2017, compared to RM 1.34bln in the last corresponding quarter. The decrease in profit was in part owing to an impairment loss on ships, property, plant and equipment of RM 133.6mln.
Group revenue for the quarter ended 30 June 2017 of RM 2.303 bln was 3.8% lower than the corresponding quarter’s revenue.
The decrease in Group revenue was mainly due to lower freight rates and earning days for Petroleum segment as well as lower revenue from Heavy Engineering segment as most on-going projects are nearing completion.
MISC’s President/Group Chief Executive Officer, Yee Yang Chien said “Amidst difficult market conditions, the recent positive accomplishments during the second quarter of 2017 reflect MISC’s resilience in demonstrating positive financial results and excellent operational performance. We aim to continue to drive for sustainable growth, guided by our five-year business plan, MISC2020.”
