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MISC Boosts Reports Q4 Profit
Tuesday, May 13, 2008
Malaysian liquefied natural gas shipper MISC Bhd reported a 10 percent jump in fourth-quarter net profit on Monday, boosted by its heavy-engineering unit and offshore businesses.
But the firm, a unit of state oil company Petronas, painted a tough outlook, saying its results could be hurt by record crude oil prices, which were pushing up its bunker fuel costs, and by weaker markets for both LNG and containers.
The firm made net profit of $241m for the three months ended March 31, compared with $219.5m a year earlier, largely thanks to continued growth of its heavy-engineering unit, which makes oil rigs.
Its core energy-related shipping business reported an 11 percent fall in annual operating profit.
Source: Reuters
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