MISC Berhad (MISC) is pleased to announce its Group financial results for Quarter 2 ended 30 September 2007 with a Revenue of RM3, 175.0 million which was 13.9% higher than RM2, 788.0 million recorded for the corresponding quarter in the previous financial year.
This in turn resulted in a Group Profit before tax of RM665.2 million which was 4.5% lower than the corresponding quarter of RM696.7 million. The decrease was mainly due to escalating operational costs in the form of charter-hire, crewing and bunkers accompanied by softening freight rates. However, the improved performance in Offshore and Liner businesses has helped to mitigate the lower freight rates.
The results have further strengthened the Group's financial profile with net tangible asset per share increasing to RM4.84 from RM4.66 as at the end of the corresponding quarter. However, debt equity ratio has increased marginally to 0.41:1 from the corresponding quarter's 0.33:1 due to the increase Group borrowings to fund capacity growth.
The Group's earnings arising from existing and new long term charters in the LNG business and improvement of profit in Offshore, Engineering and Ship Repair businesses will provide the Group with stable earnings. However, the prospects for global Petroleum and Container shipping are stable to softening due to the surplus capacity from newbuildings.
For Quarter 2 ended 30 September 2007, the Board of Directors is also pleased to declare an interim dividend of 15 sen per share tax exempt to be paid on 24 December 2007.
This in turn resulted in a Group Profit before tax of RM665.2 million which was 4.5% lower than the corresponding quarter of RM696.7 million. The decrease was mainly due to escalating operational costs in the form of charter-hire, crewing and bunkers accompanied by softening freight rates. However, the improved performance in Offshore and Liner businesses has helped to mitigate the lower freight rates.
The results have further strengthened the Group's financial profile with net tangible asset per share increasing to RM4.84 from RM4.66 as at the end of the corresponding quarter. However, debt equity ratio has increased marginally to 0.41:1 from the corresponding quarter's 0.33:1 due to the increase Group borrowings to fund capacity growth.
The Group's earnings arising from existing and new long term charters in the LNG business and improvement of profit in Offshore, Engineering and Ship Repair businesses will provide the Group with stable earnings. However, the prospects for global Petroleum and Container shipping are stable to softening due to the surplus capacity from newbuildings.
For Quarter 2 ended 30 September 2007, the Board of Directors is also pleased to declare an interim dividend of 15 sen per share tax exempt to be paid on 24 December 2007.