Ship disposal loss weighs on MISC Q2 earnings

PETALING JAYA: MISC Bhd posted a 4.2% drop in earnings to RM288.08mil for its second quarter ended June 30, 2014 due to a higher net loss from ship disposals and the absence of net impairment reversals against the same period a year ago.

According to its financial statements, the company recorded RM47.92mil in net loss on ship disposals, compared with a net loss of RM14.26mil in the previous year. In the second quarter last year, the company had posted RM54.34mil of net impairment reversals.