MISC Berhad (MISC) is pleased to announce its Group financial results for the first quarter ended 30 June 2008. The revenue of RM3,649.3 million was 24.9% higher than RM2,921.2 million recorded in the corresponding quarter. MISC Group recorded a profit before tax of RM559.4 million which was 2.6% lower than the corresponding quarter of RM574.1 million (excluding gain on disposal of ships). The decrease was mainly attributable to higher operational costs particularly in bunker, crewing costs and port charges.
Net tangible asset per share increased to RM5.05 from RM4.78 with gross debt equity ratio remains at 0.41:1.
The Group's earnings arising from existing and new long term charters in the LNG and Offshore businesses continue to provide the Group with stable earnings. The global petroleum shipping space is experiencing short term firmness which could hold till the end of 2008. The container shipping segment is expected to weaken further resulting from the global economic slow down and excess shipping capacity. Escalating operational costs especially bunker on the back of current high oil price could adversely impact the short term performance of the Group.
Net tangible asset per share increased to RM5.05 from RM4.78 with gross debt equity ratio remains at 0.41:1.
The Group's earnings arising from existing and new long term charters in the LNG and Offshore businesses continue to provide the Group with stable earnings. The global petroleum shipping space is experiencing short term firmness which could hold till the end of 2008. The container shipping segment is expected to weaken further resulting from the global economic slow down and excess shipping capacity. Escalating operational costs especially bunker on the back of current high oil price could adversely impact the short term performance of the Group.