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MISC posts RM300m net profit in Q1, sees challenging year ahead
by hlk Thu 23 May 2013, 14:33
KUALA LUMPUR: MISC Bhd
reported a turnaround in its financial performance, with earnings of
RM300.42mil in the first quarter ended March 31, 2013 compared with net
loss of RM469.82mil a year ago.
It said on Thursday its revenue
increased by 7.6% to RM2.379bil from RM2.209bil, while earnings per
share were 6.70 sen compared with loss per share of 10.60 sen.
It
said the higher revenue was due to better performance by its heavy
engineering unit undertaking more projects during that quarter.
However,
it expected 2013 to be another challenging year for the shipping
industry due to weak demand growth, volatile fuel prices and excess
shipping capacity.
"However, long-term contracts in LNG and offshore businesses continue to provide stability to the group," MISC said.
reported a turnaround in its financial performance, with earnings of
RM300.42mil in the first quarter ended March 31, 2013 compared with net
loss of RM469.82mil a year ago.
It said on Thursday its revenue
increased by 7.6% to RM2.379bil from RM2.209bil, while earnings per
share were 6.70 sen compared with loss per share of 10.60 sen.
It
said the higher revenue was due to better performance by its heavy
engineering unit undertaking more projects during that quarter.
However,
it expected 2013 to be another challenging year for the shipping
industry due to weak demand growth, volatile fuel prices and excess
shipping capacity.
"However, long-term contracts in LNG and offshore businesses continue to provide stability to the group," MISC said.
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