MISC’s Group Financial Results For The Second Quarter Ended 30 September 2010
24 November 2010
MISC Berhad (MISC) is pleased to announce its Group financial results for the 6 months ended 30 September 2010.
For the second quarter ended 30 September 2010, the Group’s profit before taxation (PBT) of RM416.3 million was 159.2% higher than the corresponding quarter’s PBT of RM160.6 million. The higher profit achieved in the current quarter was mainly due to improved performance in the restructured Liner business and increased profitability in Heavy Engineering business. The Group recorded revenue of RM3,085.2 million in the current quarter against RM3,527.1 million in the corresponding quarter.
The net assets per share was RM4.99 as at 30 September 2010 from RM5.18 at 30 September 2009 arising from higher weighted average number of shares in issue in the current quarter following completion of the Rights Issue exercise in February 2010. The Group’s net debt equity ratio dropped to 0.42:1 from 0.45:1 as at 30 September 2009.
We expect improvement in freight rates from last year’s depressed levels. However, the competitive landscape in the shipping industry remains challenging with volatility in rates over the short term. In addition, prospects in the Offshore and Heavy Engineering segments have significantly improved.
In line with the recent listing of Malaysia Marine & Heavy Engineering Holdings Berhad ("MHB") on Bursa Malaysia, contribution from the Heavy Engineering segment will be diluted to 66.5%.
For the second quarter ended 30 September 2010, the Board of Directors is also pleased to recommend an interim dividend of 15 sen per share tax exempt payable on 23 December 2010.