MISC posts FY20 net loss of RM43mil, declares dividend of 12 sen/share

KUALA LUMPUR: MISC Bhd posted a net loss of RM43mil in the financial year ended Dec 31, 2020, versus a net profit of RM1.43bil in the previous year due mainly to the adverse impact of its legal dispute with Sabah Shell Petroleum Co Ltd.

Excluding the impact of the decision on the group's subsidiary Gumusut-Kakap Semi-Floating-Production System (L) Ltd's arbitration proceeding against Sabah Shell Petroleum Co Ltd, the group would have recorded a pre-tax profit of RM1.77bil, it said in a statement.

However, the group recorded a pre-tax loss of RM123.6mil compared to a pre-tax profit of RM1.51bil in the previous year, owing to the recognition of provision for litigation claims as well as a write-off of trade receivables and a loss on re-measurement of finance lease receivables.