MISC Bhd saw net profit more than double to RM556 million in the fourth quarter ended Dec 31, 2020 from RM250 million in the same quarter of the previous year, mainly due a higher share of profit from joint ventures and associate of RM252.7 million.According to its Bursa filing, operating profit from the group’s LNG division came in at RM237.8 million, 11.7% lower than the previous corresponding quarter’s profit of RM269.3 million, mainly from higher vessel operating costs.
Its other segment recorded a lower operating loss of RM5.2 million against RM63.5 million due to lower corporate expenses, while impairments fell to RM15.8 million from RM113.8 million previously. MISC noted that the spot charter rate for the liquefied natural gas shipping market has surged on the back of strong demand from a colder-than-expected Asian winter. Nonetheless, its income in the segment continues to be underwritten by a portfolio of long-term charters.