MISC Group revenue increases in Q2 2014

MISC Group, the Malaysian LNG carrier and tanker owner, has released its financial results for the second quarter of 2014.

Revenue for Q2 2014 of RM 2538.6 million was 11.1% higher than the RM 2284.4 million revenue of the corresponding quarter in 2013.

The increase in MISC’s 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.

Profit

Operating profit of RM 382.3 million for the quarter was 10.4% higher than Q2 2013 profit of RM 346.2 million. The increase in operating profit was mainly due to the increase in revenue and lower operating costs from a smaller fleet of operating vessels.

MISC reported a profit before tax of RM 344.6 million, 0.9% lower than the corresponding quarter's profit of RM 347.6 million.

Outlook

Commenting on the company’s prospects, MISC stated: “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.”

Image courtesy of Teekay LNG.

Adapted from press release by Katie Woodward

Read the article online at: https://www.lngindustry.com/lng-shipping/06082014/misc-group-q2-2014-results-1153/