MISC net profit dips 15% to RM2.43bil
MISC Bhd's net profit for the year ended March 31 (FY08) fell 15% to RM2.43bil on weaker freight rates and rising operating costs.
“In particular, the average market bunker price increased by 44% during the financial year,'' the group said in a statement yesterday.
It also said the group “suffered a reduction in profit before tax of RM72mil for every 10 sen strengthening of the ringgit against the US dollar.''
Earnings per share declined to 63.55 sen versus 76.67 sen a year earlier while revenue was up at RM12.96bil from RM11.2bil in FY07.
On the outlook for FY09, MISC said “the global petroleum and container shipping markets are expected to weaken further with escalating costs, especially bunker, on the back of high oil prices, crewing cost and port charge, which could adversely impact on the group's short term performance.''
MISC declared a final dividend of 20 sen per share, bringing its total payout to 35 sen per share. The company paid out a dividend of 30 sen per share in FY07.
Shares in MISC gained 5 sen to RM9.50 yesterday. The stock was down 2.6% this year.
In January, MISC proposed to sell unit Malaysia Marine Heavy Engineering (MMHE) to Ramunia Holdings Bhd in return for a 72% stake in Ramunia.
The exercise, which was targeted for completion in the third quarter, would turn the merged MMHE-Ramunia group into one of the biggest oil and gas fabrication yard operators in the region.
“In particular, the average market bunker price increased by 44% during the financial year,'' the group said in a statement yesterday.
It also said the group “suffered a reduction in profit before tax of RM72mil for every 10 sen strengthening of the ringgit against the US dollar.''
Earnings per share declined to 63.55 sen versus 76.67 sen a year earlier while revenue was up at RM12.96bil from RM11.2bil in FY07.
On the outlook for FY09, MISC said “the global petroleum and container shipping markets are expected to weaken further with escalating costs, especially bunker, on the back of high oil prices, crewing cost and port charge, which could adversely impact on the group's short term performance.''
MISC declared a final dividend of 20 sen per share, bringing its total payout to 35 sen per share. The company paid out a dividend of 30 sen per share in FY07.
Shares in MISC gained 5 sen to RM9.50 yesterday. The stock was down 2.6% this year.
In January, MISC proposed to sell unit Malaysia Marine Heavy Engineering (MMHE) to Ramunia Holdings Bhd in return for a 72% stake in Ramunia.
The exercise, which was targeted for completion in the third quarter, would turn the merged MMHE-Ramunia group into one of the biggest oil and gas fabrication yard operators in the region.