MISC is pleased to announce its financial results for the third quarter ended 30 September 2014.
PERFORMANCE OF CURRENT QUARTER AGAINST CORRESPONDING QUARTER
Group revenue for the quarter ended 30 September 2014 of RM2,180.3 million was higher than RM2,166.4 million revenue in the corresponding quarter ended 30 September 2013.
The increase in Group revenue was mainly due to higher revenue in Heavy Engineering following progress of projects in hand during the quarter. Higher earning days in LNG business and improved freight rates in Petroleum business also contributed to the increase in Group revenue.
Group operating profit of RM487.0 million was 19.6% higher than the corresponding quarter's profit of RM407.1 million. The increase in operating profit was mainly due to the increase in Group revenue and lower operating costs from a smaller fleet of operating vessels.
Group profit before tax of RM510.5 million was 14.9% higher than the corresponding quarter's profit of RM444.4 million.
PERFORMANCE OF CURRENT 9-MONTHS PERIOD AGAINST CORRESPONDING PERIOD
Group revenue for the 9-months ended 30 September 2014 of RM7,009.5 million was 2.6% higher than the RM6,830.3 million revenue for the 9-months ended 30 September 2013.
The increase in Group revenue was primarily due to improved freight rates in Petroleum business and higher earning days in LNG business. However, a smaller fleet of operating vessels in Chemical business and lower revenue recognized by Heavy Engineering in the current year, from different phases of project construction, partially negated the increase in Group revenue.
Higher revenue and lower operating costs from a smaller fleet of operating vessels contributed to a 20.0% increase in Group operating profit from RM1,144.3 million profit in the corresponding period to RM1,373.5 million in the current year.
Group profit before tax of RM1,383.0 million was 21.2% higher than RM1,141.2 million profit in the corresponding period.
Chemical and Petroleum shipping prospects remain challenging amidst a vessel oversupply market. Long-term contracts in LNG and Offshore businesses continue to provide stability to the Group.
Further details on the MISC Group can be found at www.misc.com.my
For further media enquiries for the MISC Group, kindly contact:
Puan Asmalinda Yaacob,
Group Corporate Affairs & Customer Relationship Management, MISC Berhad
Tel: 03-2275 2526
Fax: 03-2275 2888