MISC Announces First Quarter 2013 Results (Malaysia)

MISC announced its financial results for the first quarter ended 31 March 2013.

Group revenue of RM2,379.4 million for the quarter ended 31 March 2013 was 7.7% higher than the RM2,209.1 million revenue in the corresponding quarter.

The increase in Group revenue was mainly due to higher revenue in Heavy Engineering from higher number of projects, combined with lease commencement of two Floating Storage Units (“FSUs”) of a LNG regasification project in August 2012. Additionally, higher average freight rates has led to an improvement in Chemical business performance.

However, the market for petroleum shipping remains weak contributing to the decline in Petroleum business revenue.

Group operating profit of RM394.9 million was 43.2% higher than RM275.9 million profit in the corresponding quarter. The increase in profit was largely due to lower operating costs from a smaller fleet of operating vessels, particularly for the Petroleum and Chemical businesses.

Group profit before tax of RM354.7 million was significantly higher than the RM139.4 million profit in the corresponding quarter. Improvement in operating profit and lower vessel impairment were the main causes of the increase in Group profit before tax.

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MISC, May 28, 2013