Malaysian MISC's 2019 Profit Up 9%

Malaysian shipowner MISC, a unit of state-run Petronas, February 18 reported an 8.8% yr/yr increase net profit for 2019.

Net profit last year was ringgit 1.43bn ($344mn), versus ringgit 1.31bn in the year before. The company’s revenue grew 2.1% yr/yr to ringgit 8.96bn. During Q4, MISC’s net profit fell 26.2% yr/yr to ringgit 249.9mn.

Revenues from the LNG segment last year were up 10% yr/yr at ringgit 2.58bn, thanks to a higher number of operating vessels following the acquisition of two LNG carriers, one in December 2018 and another January 2019, and the redeployment of vessels previously on charter suspension, MISC said. The LNG segment’s operating profits were 20.8% higher at ringgit 1.19bn.

Commenting on the prospects of the LNG segment in the current year, MISC said its present portfolio of long-term charters will underwrite the steady performance of MISC’s LNG business, and the two long-term contracts secured in Q4 2019 would provide growth in future years.