MISC Bhd: Revenue Up

Maritime Activity Reports, Inc.

February 6, 2016

Puteri Firus, LNG Shipping. Photo: MISC Berhad

Puteri Firus, LNG Shipping. Photo: MISC Berhad

 Malaysia International Shipping Corporation Berhad (MISC Berhad), a shipping arm of Petronas, has seen an increase of 12.3 percent in its net profit for the 2015 full year financials when compared to 2014.

The liquefied natural gas (LNG) shipper said the higher earnings compared with RM2.04bil from a year ago were supported by the 17.3% rise in revenue. Revenue increased to RM10.91bil from RM9.29bil while group operating profit jumped 54.1% to RM2.84bil from RM1.84bil a year ago.
The company said its energy related shipping (ERS) revenue of RM2.05bil was 31.8% higher than the corresponding quarter’s revenue of RM1.55bil, mainly from improved freight rates in the petroleum business.
It announced a higher dividend of 22.50 sen for the fourth quarter compared with six sen a share.
The company attributed the increase mainly to improved freight rates in the petroleum business, as well as to the compensation for early termination of term charter contracts for two vessels in LNG business.
“However, a smaller fleet of operating vessels and lower earning days caused declines in chemical and LNG businesses’ revenue respectively.”
On prospect for this year, MISC said, the petroleum shipping segment was expected to continue enjoy the benefits of the market strength seen in 2015. However, the outlook and prospect of the upstream oil and gas industry was projected to remain poor with the prolonged weakness in oil price, it said.
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