KUALA LUMPUR: MISC Bhd net profit for the second quarter ended June 30, 2019 (Q2) rose to RM399.80 million from RM321.20 million posted in the same period last year. In a filing with Bursa Malaysia yesterday, the energy shipping firm said revenue increased 0.9 percent to RM2.16 billion from RM2.14 billion a year ago, supported by higher contribution from liquefied natural gas (LNG) and heavy engineering segment.
For the six months ended June 30, 2019, the group’s revenue gained 6.6 percent to RM4.43 billion from RM4.16 billion in the corresponding period last year. On the current year prospects, the group said the latter half of 2019 was expected to pick up for the tanker market as ship supply would be crimped by vessels taken out of service for scrubber retrofitting. It also anticipated the tanker markets to be boosted by increasing the US oil exports and increase in tonne-mile demand.
“The outlook for the offshore segment continues to be positive, supported by healthy activities in oil and gas exploration and production. “As there are increasing opportunities in the global offshore exploration and production space, especially for developments within the Atlantic Basin and South East Asia, MISC’s Offshore business unit will continue to assess the merit of pursuing these opportunities in the current year,” it said.
It also said overall outlook for the heavy engineering segment remained uncertain amidst prolonged trade and geopolitical
tensions, as well as slowing economic growth. “Despite the uncertainties, offshore oil and gas production activities continue to improve albeit moderately. Meanwhile, the outlook for marine business continues to improve, supported by higher volume for upgrading and retrofitting work,” it added. – Bernama
