MISC delivers higher net profit in first quarter

MISC Bhd’s new LNG carrier Seri Cenderawasih that will cater to Petronas’ energy transportation needs.

KUALA LUMPUR: MISC Bhd reported a higher net profit of RM676.2mil for the first quarter ended March 31, 2017, from RM571mil a year ago mainly due to stronger contribution from the group’s offshore business segment. 

Its revenue for the quarter amounted to RM2.98bil compared to RM2.39bil during the corresponding period last year.

Its operating profit increased to RM681.3mil from RM666.6mil due higher profit from the liquefied natural gas (LNG) business in tandem with higher revenue. 

MISC also announced a first interim dividend of seven sen for the quarter. 

In a stock exchange filing, the group attributed the improved results to the higher offshore revenue of RM734.7mil compared to RM191.7mil a yeear earlier.

The rise was attributed to the consolidation of the Gumusut-Kakap Semi-Floating Production System (L) Ltd (GKL) beginning May 13, 2016, the recognition of a one-time gain from GKL for variation works and the lease commencement of the marginal marine production unit (MaMPU) in Q4 FY16.