Malaysian carrier MISC Berhad has had a net profit of MYR129 million (US$38 million) for the quarter ending September 30, a 73 per cent year-on-year drop against company earnings of MYR484 million in the same quarter last year.
Although its tankers and other energy-related shipping businesses remained profitable, earnings were dragged down by container shipping, which lost MYR325 million ($95 million) in the third quarter, bringing the losses for the nine-month January-to-September period to MYR1.05 billion.
Last year, MISC's container business suffered a MYR 275 million loss in revenue of MYR775 million in the latest quarter, which was 43 per cent lower year on year.
Paris-based consultancy AXS Alphaliner said that MISC continued to have the worst operating margins among the world's top 25 carriers, and were down again by 42 per cent.
MISC said it expects liner results to improve next year after it quits the Grand Alliance and the Asia Europe trade to concentrate on the intra-Asia and Asia-Australia market.
MISC also has an allocation on the South East Asia-South Africa (ASA) service operated by "K" Line and PIL but it is unclear whether the carrier will continue in this trade in the long run, said Alphaliner.
Although its tankers and other energy-related shipping businesses remained profitable, earnings were dragged down by container shipping, which lost MYR325 million ($95 million) in the third quarter, bringing the losses for the nine-month January-to-September period to MYR1.05 billion.
Last year, MISC's container business suffered a MYR 275 million loss in revenue of MYR775 million in the latest quarter, which was 43 per cent lower year on year.
Paris-based consultancy AXS Alphaliner said that MISC continued to have the worst operating margins among the world's top 25 carriers, and were down again by 42 per cent.
MISC said it expects liner results to improve next year after it quits the Grand Alliance and the Asia Europe trade to concentrate on the intra-Asia and Asia-Australia market.
MISC also has an allocation on the South East Asia-South Africa (ASA) service operated by "K" Line and PIL but it is unclear whether the carrier will continue in this trade in the long run, said Alphaliner.