Shipping giant, MISC reported a revenue of RM2.8 billion which was RM822.2 million or 22.6% lower than the quarter ended 31 March 2024 of RM3.6 billion, while Group operating profit of RM857.2 million was RM24.8 million or 2.8% lower than the corresponding quarter’s profit of RM882.0 million.
Net profit for the quarter was also lower at RM705 million against RM758 million recorded in the preceding year’s quarter.
The variances in Group performance by segments are further explained below.
Gas Assets & Solutions
Revenue of RM636.2 million was RM139.1 million or 17.9% lower than the corresponding quarter’s revenue of RM775.3
million due to lower earning days from contract expiries, vessels disposal and lower charter rates in current quarter. Operating profit of RM303.8 million was RM57.3 million or 15.9% lower than the corresponding quarter’s profit of
RM361.1 million due to lower revenue as explained above.
Petroleum & Product
Revenue of RM1,252.4 million was RM107.0 million or 7.9% lower than the corresponding quarter’s revenue of RM1,359.4 million mainly due to foreign exchange impact from the strengthening Ringgit Malaysia (“RM”) against United States Dollar (“USD”) in the current quarter. Operationally, the segment’s revenue in the current quarter was comparable to the corresponding quarter.
Operating profit of RM370.1 million was RM20.0 million or 5.1% lower than the corresponding quarter’s profit of RM390.1
million in tandem with lower revenue as mentioned above. The impact of the strengthening of RM against USD was mitigated by favourable cost optimisation efforts.Offshore
Revenue of RM510.4 million was RM21.3 million or 4.0% lower than the corresponding quarter’s revenue of RM531.7
million due to foreign exchange impact from the strengthening of RM against USD in the current quarter. Operationally, the segment’s revenue in the current quarter was comparable to the corresponding quarter.
Operating profit of RM261.1 million was RM114.5 million or 78.1% higher than the corresponding quarter’s profit of RM146.6 million primarily driven by a one-time gain arising from the commencement of a new lease contract for an FPSO.
Marine & Heavy Engineering
Revenue of RM453.1 million was RM531.4 million or 54.0% lower than the corresponding quarter’s revenue of RM984.5 million primarily due to lower revenue from ongoing Heavy Engineering projects, as several projects are nearing completion, resulting in lower activity and revenue, while the newer projects are still at early stages.
Operating profit of RM15.8 million was RM1.4 million or 9.7% higher than the corresponding quarter’s profit of RM14.4 million mainly driven by successful close-out of post sail-aways projects upon the achievement of key milestones.
Eliminations and Adjustments
Others segment’s operating loss was RM63.4 million higher than the corresponding quarter’s loss due to lower interest income and higher corporate expenses.
Source: BusinessToday