MISC reported its revenue declined by 3.6% to RM2.147bil from RM2.229bil in the third quarter ended Sept 30,2019.posted lower net profit of RM266.10mil in the third quarter ended Sept 30,2019 due to higher impairment of assets and finance costs, coupled with higher gain on acquisition of a business a year ago.
However, group operating profit rose 6.2% to RM376.40mil from RM354.50mil due to improved margin on freight rates in the petroleum segment as well as higher revenue contribution from the LNG business. Revenue for heavy engineering segment also decreased, resulting from post sail away projects and lower cost plus revenue following completion of the main contract in the current quarter.
MISC president and group CEO Yee Yang Chien said: “The strength and resilience of our core businesses have contributed, once again, to MISC’s stable financial performance for this quarter and will pave the way towards a positive financial close in 2019.