MISC Group has reported financial results for the third quarter of 2014, noting that higher earning days in the company’s LNG business boosted revenue.
Group revenue for the quarter of RM 2180.3 million was higher than the RM 2166.4 million revenue reported in the corresponding quarter of 2013.
The increase in 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 RM 487.0 million was 19.6% higher than the corresponding quarter's profit of RM 407.1 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 RM 510.5 million was 14.9% higher than the corresponding quarter's profit of RM 444.4 million.
In a statement, the company said: “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.”
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/lng-shipping/07112014/misc-group-reports-revenue-1748/