Malaysia's MISC reports 40% jump in profit in October-December
Malaysian shipowner MISC, a unit of state-run Petronas, on February 15 reported a 39.7% yr/yr jump in profit in the October-December quarter (Q4) owing to an increase in margins.
The company booked a profit of 645mn ringgit ($146.7mn) versus 432.2mn ringgit a year ago. The revenue was 4.17bn ringgit, up 35.26% yr/yr on the back of improved contributions from various segments.
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For the full year, MISC’s profit came in at 1.82bn ringgit versus 1.83bn ringgit in the previous year, while revenue rose to 13.87bn ringgit from 10.67bn ringgit.
Going forward, MISC expects the LNG shipping market to remain strong thanks to increasing European demand for LNG, Chinese demand recovery and tight vessel availability and growing LNG infrastructure.