Subscribe to RSS feedLiner slump causes 40% fall in MISC profits
MISC has reported a 40% fall in full-year profits, dragged down largely by its unprofitable liner shipping business, writes Marcus Hand in Singapore.
Bursa Malaysia-listed MISC reported profits of RM1.5bn (US$427m) for the financial year ended March 31, 2009, compared with RM2.5bn a year earlier, a drop of 39.5%.
At the same time revenues jumped to RM15.8bn last year, compared with RM12.8bn in the previous financial year.
MISC’s integrated liner logistics business made an operating loss of RM990m for the full year.
By contrast, its two other main businesses were profitable with energy shipping making a RM2.2bn operating profit, and offshore and heavy engineering reporting a RM706m operating profit.
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