MISC's Group Financial Result For The Financial Year Ended 31 March 2011
11 May 2011
MISC Berhad (MISC) is pleased to announce its Group financial results for the financial year ended 31 March 2011.
On full financial year basis, the Group revenue decreased by 10.5% to RM12,325.6 million as compared to RM13,775.1 million recorded in the preceding year, attributed mainly to lower revenue in Liner and Heavy Engineering businesses.
The Group operating profit of RM1,509.0 million for the full financial year was 14.6% higher than the RM1,316.2 million recorded in the preceding year, mainly due to lower losses in Liner and higher profits from Offshore and Heavy Engineering businesses.
The Group profit before tax of RM2,244.3 million was 146.3% higher than RM911.9 million recorded in the preceding year, mainly due to higher operating profit achieved, recognition of gain on disposal of RM1,400.1 million from the listing of Malaysia Marine and Heavy Engineering Holdings Berhad, gain on disposal of ships of RM99.1 million and after having provided for impairment of RM576.6 million in this financial year.
For the current quarter, the Group revenue of RM2,924.4 million was 11.6% lower than the RM3,307.4 million revenue recorded in the corresponding quarter of the preceding financial year. The lower revenue was primarily due to lower revenue generated by Heavy Engineering business, offset by higher revenue in Integrated Liner Logistics segment.
The Group recorded operating profit of RM180.2 million as compared to RM442.7 million in the corresponding quarter, mainly due to lower profit in Heavy Engineering business and higher losses in Petroleum business.
Within our energy related shipping segments, the LNG business continues to provide stability to the Group via its stream of secured and recurring earnings through its portfolio of long term contracts. However, we expect the market to be challenging for the petroleum and chemical tanker businesses due to a prolonged overcapacity in the industry.
As for our integrated liner logistics segment, we see improvements in our operations as a result of the restructuring and repositioning of MISC as an Intra-Asian player at the beginning of 2010.
Meanwhile, the healthy level of activities and buoyant spending in exploration and production within the domestic and regional energy scene continue to bode well for our heavy engineering and offshore businesses.
For financial year ended 31 March 2011, the Board of Directors is also pleased to recommend a final dividend of 10 sen per share tax exempt to be paid on 20 October 2011 , subject to shareholders' approval at the forthcoming Annual General Meeting.