MISC is pleased to announce its financial results for the second quarter ended 30 June 2014.
PERFORMANCE OF CURRENT QUARTER AGAINST CORRESPONDING QUARTER
Group revenue for the quarter ended 30 June 2014 of RM2,538.6 million was 11.1% higher than the RM2,284.4 million revenue of the corresponding quarter ended 30 June 2013.
The increase in Group revenue was mainly due to higher revenue in Heavy Engineering following progress of projects in hand, higher earning days in LNG business and improved freight rates in Petroleum business.
Group operating profit of RM382.3 million for the quarter was 10.4% higher than the corresponding quarter's profit of RM346.2 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 RM344.6 million was 0.9% lower than the corresponding quarter's profit of RM347.6 million.
For the second quarter ended 30 June 2014, the Board of Directors is also pleased to declare an interim tax exempt dividend of 4 sen per share, payable on 24 September 2014.
PERFORMANCE OF CURRENT 6-MONTHS PERIOD AGAINST CORRESPONDING PERIOD
Group revenue for the 6-months ended 30 June 2014 of RM4,829.2 million was 3.5% higher than the RM4,664.0 million revenue for the 6-months ended 30 June 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 20.3% increase in Group operating profit from RM737.2 million profit in the corresponding period to RM886.6 million in the current year.
Group profit before tax of RM872.4 million was 25.2% higher than RM696.8 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:
Ms. Zakiah Hanim
Manager, Corporate Affairs Department
Tel: 03-2275 2701
Fax: 03-2275 2888