MISC profits fall in Q3

MISC reported a 39.1% in third quarter profit hit by its offshore heavy engineering business, Seatrade Asia online reports. The Malaysian shipowner reported a MYR304.5m operating profit from continuing operations for the third quarter down 39.1% on MYR499.6m in the third quarter a year earlier. MISC said the fall was “primarily due to provision for higher than expected expenses of an on-going conversion project in the heavy engineering business”.

For the first nine months of the year the company reported an operating profit of MYR1.2bn from continuing operations, with its liner shipping operations counted as discontinued after June 2012.

Looking ahead MISC said: “The shipping industry landscape continues to remain challenging amidst cautious economic sentiments globally. However, long-term contracts in LNG and offshore businesses continue to provide stability to the group.”