MISC posts 9% higher net profit to RM1.42bil

On the current year, MISC said the tanker market is widely expected to remain firm in 2020 due to fewer deliveries and growing long-haul prospects as well as demand growth arising from the International Maritime Organisation (IMO) 2020 sulphur cap implementation.

PETALING JAYA: Boosted by its liquified natural gas (LNG) business and a turnaround in its petroleum segment, MISC Bhd posted a net profit that came in RM8.7% higher to RM1.42bil for the financial year ended Dec 31,2019 (FY19) from the RM1.31bil a year ago.

Revenue, however, grew at a slower pace of 2.1% to RM8.96bil from RM8.78bil previously.