MISC Bhd’s net profit for the third quarter ended Sept 30, 2020 fell 2.9% to RM258.3 million from RM266.1 million a year ago mainly dragged down by the offshore and liquefied natural gas segments.
For the nine-month period, MISC saw a net loss of RM599 million compared with a net profit of RM1.18 billion in the previous year’s corresponding period mainly due to provisions and impairment loss recorded in the first quarter of 2020 relating to the adverse decision on arbitration proceedings by Gumusut-Kakap Semi-Floating Production System Ltd against Sabah Shell Petroleum Co Ltd.
MISC president & group CEO Yee Yang Chien said the group will remain focused on strengthening its portfolio of long-term contracts in its core businesses and continue its pursuit for markets, which are integral to the built up of its sustainable income. The crude tanker market meanwhile continues to be affected by weak tonnage demand coupled with increased vessel availability from the unwinding of floating storage.