MISC Bhd’s net profit fell 29.5% to RM450.19mil from RM639.26mil a year ago, mainly due to losses in liner business, higher operational costs and lower share of profit from jointly controlled entities. MISC said in a statement to Bursa Malaysia on Thursday that profit before taxation of RM497.9mil was 22% lower than the corresponding quarter of RM638mil, excluding exceptional gain.
Revenue was RM4.45bil compared with RM3.17bil.Earnings per share fell to 12.1 sen from 17.19 sen.
It declared an interim dividend of 15 sen per share, similar to the dividend proposed last year.
MISC said the group's earnings arising from existing and new long term charters in the liquified natural gas and offshore businesses would provide the group with stable earnings.
It said the global petroleum shipping sector was experiencing short term freight firmness that was expected to come off with weakening demand and increasing tanker supply.
MISC also said the container shipping segment is expected to weaken further resulting from the global economic slow down and excess shipping capacity.
Whilst easing bunker price provides some element of relief for operating costs, other costs remain high, compressing profit margins, it said.
“In light of the current business environment, the group's profitability for the current financial year is expected to be lower than the previous financial year,” it said.
Revenue was RM4.45bil compared with RM3.17bil.Earnings per share fell to 12.1 sen from 17.19 sen.
It declared an interim dividend of 15 sen per share, similar to the dividend proposed last year.
MISC said the group's earnings arising from existing and new long term charters in the liquified natural gas and offshore businesses would provide the group with stable earnings.
It said the global petroleum shipping sector was experiencing short term freight firmness that was expected to come off with weakening demand and increasing tanker supply.
MISC also said the container shipping segment is expected to weaken further resulting from the global economic slow down and excess shipping capacity.
Whilst easing bunker price provides some element of relief for operating costs, other costs remain high, compressing profit margins, it said.
“In light of the current business environment, the group's profitability for the current financial year is expected to be lower than the previous financial year,” it said.