Maybank IB said petroleum-tanker rates may improve following the resumption of refining activities as key economies reopen and OPEC increases its production by two million barrels per day (bpd) from May to July 21. Where liquefied natural gas is concerned, the shipping company is expected to see full quarter contribution from the three VLECs and maiden contribution from one new VLEC from Q2FY21. (File pic - MISC LNG tanker Camellia.)
PETALING JAYA: MISC Bhd
pulled through a challenging first quarter ended March 31,2021 (Q1FY21) with results coming in marginally weaker quarter-on-quarter (q-o-q) and within expectations of analysts.
The shipping company recorded a net profit of RM429.8mil, from a net loss of RM1.12bil in the previous year’s corresponding quarter as it did not record any litigation claims. Meanwhile, quarterly revenue increase marginally by 1.1% from a year ago to RM2.54bil, backed up by higher contributions from its offshore business.
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