KUALA LUMPUR, May 24 — Energy shipping firm MISC Bhd’s first-quarter net profit jumped by 64.4 per cent year-on-year to RM510.50 million, buoyed by improved freight rates as well as gains of RM41.2 million from a business acquisition and a ship disposal.
“Additionally, heavy engineering revenue also increased resulting from higher completion progress of ongoing projects. Higher number of operating vessels in the liquefied natural gas segment also attributed to the higher revenue in the current quarter,” it said. On the current-year outlook, MISC said while 2019 as a whole was expected to be a better year for the tanker sector than 2018, it was concerned over continued oil production cuts led by the Organisation of the Petroleum Exporting Countries and the end of Iran oil waivers by the United States, which might affect shipping volumes.
These additions and the existing portfolio of long-term charters that are in place will underwrite a steady performance for MISC’s LNG business for the year.
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