Coming together? Indeed, that was our feeling when we saw the April–June 2003 results of MISC (RM8.70). While management’s efforts to cut costs and raise efficiency in the past have been masked by the very weak shipping market, all seemed to be coming together in the latest results, as an improved shipping outlook coincided with a leaner operating structure.
Well surpassing expectations. MISC posted 12% turnover growth between April–June 2002 and April-June 2003 (preceding quarter comparison is not very meaningful due to the seasonality of general shipping), while profit surged by 63% as pre-tax margin jumped from 21.5% to 31.2%, the highest level in recent years.
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