MISC Q2 profit sinks 58.7pc
KUALA LUMPUR: MISC Bhd posted a 58.7 per cent drop in its net profit to RM556.5 million for the second quarter ended June 30 this year, largely due to asset impairment loss.
The company posted RM1.34 billion net profit in the same quarter last year.
In a filing to Bursa Malaysia yesterday, MISC said it posted an impairment loss on ships, property, plant and equipment worth RM133.6 million.
Group revenue was lower by 3.8 per cent at RM2.3 billion during the quarter under review.
Overall, MISC’s half-year net profit fell to RM1.23 billion, from RM1.92 billion a year earlier. Revenue was higher at RM5.29 billion against RM4.79 billion previously.
Segment wise, MISC’s petroleum unit posted 12 per cent lower revenue during the quarter. This was due to lower freight rates and earnings days in the current quarter.
It said production cuts, drawdowns of crude oil and products inventory had yielded negative impact on demand for petroleum tankers.
MISC has declared a taxexempt dividend of seven sen a share with ex and payment dates on August 21 and September 7, respectively. The stock closed 2.27 per cent lower to RM7.33 yesterday. Lidiana Rosli