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MISC Group release financial results

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LNG Industry,

MISC has announced its financial results for the financial year ended 31 December 2017.

Financial highlights:

  • Group revenue for the quarter ended 31 December 2017 was lower than the corresponding quarter ended 31 December 2016.
  • Group revenue for the year ended 31 December 2017 was higher than the year ended 31 December 2016.
  • Group profit before tax for the quarter and the year ended 31 December 2017 were lower than the corresponding quarter and year ended 31 December 2016.

“2017 was a challenging year for the shipping and offshore sectors as growth opportunities were scarce while revenue was under constant pressure from weak freight rates and contract renegotiation risks. However, with a steady rise in oil price over the past 2 years, we are looking forward to better days and a healthier level of activities for the oil and gas markets in anticipation of a potential revival in investment spending for the global energy sector. With a clear perspective of what we intend to accomplish for our MISC2020 corporate strategy as well as leveraging on our healthy financial position, highly committed workforce and robust business strategies, we are in a strong position to sustain our momentum and create opportunities for growth,” said MISC’s President/Group Chief Executive Officer, Yee Yang Chien.

Yee Yang Chien added “2018 marks our 50th year of operations and as the results of the many initiatives undertaken as well as the strong foundation we have laid for transformation, we are poised for a sustained and robust growth. As the market continue to change, our businesses will evolve in order for us to seize the opportunities and address the challenges that lie ahead. MISC will continue to push boundaries as we strive to exceed the expectations of our stakeholders. As one of the Strategic Partners of the Global Maritime Forum, MISC will also play a more prominent role in championing for the transformation agenda and shaping the future of the maritime industry,”

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