LNG business pushes MISC’s revenue up
MISC Group posted a revenue of RM 2,180.3 million in the third quarter, compared to RM 2,166.4 million for the same period the year before.
The increase in group revenue was mainly due to higher revenue in Heavy Engineering following progress of projects in hand during the quarter. Higher earning days in LNG business and improved freight rates in Petroleum business also contributed to the increase in Group revenue.
Group operating profit of RM487.0 million was 19.6% higher than the corresponding quarter’s profit of RM407.1 million. The increase in operating profit was mainly due to the increase in Group revenue and lower operating costs from a smaller fleet of operating vessels.
MISC’s profit before tax of RM510.5 million was 14.9% higher than the corresponding quarter’s profit of RM444.4 million.
Group revenue for the 9-months ended 30 September of RM7,009.5 million was 2.6% higher than the RM6,830.3 million revenue for the 9-months ended 30 September 2013.
1 RM = 0.298909 USD
Press Release; Image: MISC