MISC Q2 profit sinks 58.7pc

New Straits Times - - Business -

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

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