MISC profit on the line

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 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.
With tanker markets having taken a beating in recent times, MISC is looking to its long-term liquefied natural gas and offshore businesses to keep its results on an even keel in the year to come.
“The group’s earnings arising from existing and new long-term charters in the LNG and offshore businesses will provide stable earnings,” the company said.