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Home Clean Fuel Malaysia: MISC Reports Financial Results for the Third Quarter Ended 31 December 2010

Malaysia: MISC Reports Financial Results for the Third Quarter Ended 31 December 2010

February 25, 2011

 

MISC Berhad announced its Group financial results for the 9 months ended 31 December 2010.

Revenue for the current quarter of RM3,045.6 million was marginally lower compared to last year’s corresponding quarter of RM3,047.1 million. Higher revenue recorded by Heavy Engineering in the quarter was however offset by lower revenue in the Liner business.

Profit before tax for the quarter was RM1,579.3 million, which includes gain from listing of Malaysia Marine and Heavy Engineering Holdings Berhad of RM1,436.6 million and impairment provision of RM120.3 million.

On Year to Date basis, the Group’s revenue decreased by 10.1% to RM9,401.3 million, as compared to RM10,467.6 million recorded in the preceding year mainly attributed to lower revenue from Liner and Heavy Engineering businesses.

The Group’s profit before tax for the 9 month period was RM2,466.9 million, including gain from listing of Malaysia Marine and Heavy Engineering Holdings Berhad of RM1,436.6 million and impairment provision of RM120.3 million. In comparison, the profit before tax in the corresponding period of the preceding year was RM625.8 million. Improved operational performance is attributed to lower losses in Liner business and higher profits in Heavy Engineering business.

Within our energy related shipping segments, the LNG business continues to provide stability to the Group via its stream of secured and recurring earnings through its portfolio of long term contracts. However, we expect the market to be challenging for the petroleum and chemical tanker businesses due to overcapacity in the industry.

As for our integrated liner logistics segment, we see improvements in our operations as a result of the restructuring and repositioning of MISC as an Intra-Asian player at the beginning of 2010.

Meanwhile, the healthy level of activities and buoyant spending in exploration and production within the domestic and regional energy scene continue to bode well for our heavy engineering and offshore businesses.

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Source: MISC, February 25, 2011;