MISC 3rd-quarter profits down 17.3%

MISC 3rd-quarter profits down 17.3%    Malaysian shipping company MISC Berhad reported a pre-tax profit of Ring794 million ($214 million) for its third quarter ended Dec. 31, a 17.3 percent drop compared to Ring959.7 million in the corresponding year-earlier period.
   MISC’s revenue in the quarter decreased 5.8 percent to Ring2.77 billion ($745 million) from Ring2.94 billion.
   After the first three fiscal quarters, MISC’s profits before tax were down 2.8 percent to Ring2.08 billion ($560 million) from Ring2.14 billion. Revenue in the nine-month period improved 1.2 percent to Ring7.90 billion ($2.13 billion), compared to Ring7.81 billion.
   “The prospect for the shipping industry in the short term, will be stable to softening on the back of tonnage supply outstripping haulage demand. As demand catches up coupled with regulatory requirements for vessel scrapping, the upturn in the shipping industry will once again be in sight closer to 2010,” MISC said in a statement.
   “MISC’s earnings arising from existing long term charters in the LNG, petroleum and offshore businesses will continue to provide the group with stable earnings, muting the full impact of the down cycle.”