MISC posts net loss on arbitration proceeding

On its outlook for the current year, MISC said spot charter rates in the LNG shipping market have surged due to the colder-than-expected Asian winder, increased LNG exports from the US to Asia and shortage of available vessels for sport charters. (File pic shows MISC's LNG tanker Camellia.)

KUALA LUMPUR: MISC Bhd posted a net loss of RM43mil in the financial year ended Dec 31,2020 (FY20), 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.