Malaysia's MISC reports 63% jump in profit in Q1

Malaysian ship-owner MISC, a unit of state-run Petronas, on May 24 reported a 63% year/year jump in net profit in the January-March quarter (Q1) mainly due to higher operating profit and a higher share of profit from joint venture entities.

The net profit came in at 612.9mn ringgit compared with 376.4mn ringgit registered in the same quarter a year ago. The company’s revenue was 3.08bn ringgit versus 2.87bn ringgit in the same period last year.

Going forward, MISC expects prospects in the LNG shipping market to remain promising as demand shows signs of recovery, limited supply growth will keep the supply and demand balance tight through 2023. 

"Notwithstanding the above, the operating income for the gas assets and solutions segment is expected to remain steady, underwritten by its portfolio of long-term charters," it said. 

MISC's fleet consists of more than 100 owned and in-chartered vessels comprising LNG and ethane carriers, petroleum and product vessels, floating production systems (FPS) as well as LNG floating storage units (FSU) with a combined deadweight tonnage capacity of more than 13mn metric tons.