Oil business hurts MISC profit

Challenging: MISC says the dip in second- quarter net profit was partly caused by the higher operating losses in its petroleum segment, which has a smaller fleet currently.

PETALING JAYA: MISC Bhd’s net profit for the second quarter ended June 30 dipped 20.8% to RM300.9mil, mainly due to higher operating losses in its petroleum business.

“In addition, in the previous corresponding quarter, the group had recognised a one-off settlement received from the early re-delivery of vessels on time charter contracts,” the energy shipping giant said in a statement yesterday.