Malaysian MISC reports 55% jump in profit in Jul-Sep
Malaysian shipowner MISC, a unit of state-run Petronas, on November 18 said its net profit during the July-September quarter was up 55% year/year thanks to the contribution from its offshore business and the LNG asset solutions segments.
The company’s net profit came in at 401mn ringgit ($95.9mn) compared with a net profit of 258.3mn ringgit in the same period last year. Revenue jumped 31% yr/yr to 2.7bn ringgit.
Looking ahead, MISC expects LNG shipping rates to strengthen towards the year-end on account of high winter season demand in Europe and Asia. Despite surging gas prices, Asian LNG demand is likely to remain robust as China is facing power outages in its northern regions with its policy of curbing coal consumption leading to gas shortages, it said.