MISC Q4 profit up 193pc to US$245,945 as sales rise 35pc
MISC (Malaysia International Shipping Corporation) posted a 193.1 per cent year-on-year 2022 fourth quarter operating profit increase to MYR1.09 million (US$245,945) drawn on revenues of MYR4.17 million, an increase of 35 per cent.
"MISC delivered a positive financial performance for this quarter, driven by the resilience of our businesses across the group," said MISC president and CEO Rajalingam Subramaniam.
"We, as a team will remain focused and committed to exploring new prospects, synergistic partnerships, and innovative solutions," he said.
The petroleum and product shipping segment reported higher revenue mainly from higher freight rates and earning days while the Offshore Business segment recorded an increase in revenue following improved project progress from the conversion of a Floating, Production, Storage and Offloading unit (FPSO) in the current quarter.
The marine and heavy engineering segment recorded a turnaround in its results to an operating profit in the current quarter driven from recovery of Covid claims for an on-going project coupled with recovery of doubtful debts
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