PETALING JAYA: Energy shipping company MISC Bhd
's net profit for the third quarter ended Sept 30 plummeted to RM134.1mil as compared to RM483.6mil in the corresponding quarter last year mainly dragged down by lower profit recorded in its liquefied natural gas (LNG) segment, loss in it is petroleum segment and higher depreciation of vessels.
Revenue for the quarter was also lower at RM2.3bil against RM2.5bil in 2015.
According to the company’s filing with Bursa Malaysia on Wednesday, LNG operating profit of RM237mil was 35.1% lower than the corresponding quarter’s profit of RM365.2mil mainly from lower revenue and higher depreciation by RM37.4 million from the change in estimated useful life of vessels from January this year.
Meanwhile, petroleum business recorded operating loss of RM30.7mil compared to corresponding quarter’s profit of RM187mil, mainly from the decrease in revenue and higher depreciation by RM68.4mil from the change in estimated useful life of vessels commencing January this year.
Also in the red was its heavy engineering segment with operating loss of RM1.8mil in the quarter compared to the corresponding quarter’s profit of RM20.5mil, mainly from fewer and lower value of projects in progress.
On the bright side, offshore recorded operating profit of RM72mil in the current quarter compared to operating loss of RM2.4mil in the corresponding quarter from higher revenue.
For the nine-month period,, MISC net profit was up to RM2.05bil compared to RM1.71bil last year despite lower revenue.
Revenue for the period stood at RM7.08bil compared to RM7.6bil last year.
Limited time offer:
Just RM5 per month.
