MISC’s pre-tax profit down 5%
Kuala Lumpur-based tanker and liner shipping group, Malaysia International Shipping Corp. (MISC), reported Thursday a 5 percent decline for its fiscal first quarter pre-tax profit to 869.6 million ringgit ($230.7 million) from 924.6 million ringgit in the same quarter of 2004.
MISC recorded revenue of 2.6 billion ringgit ($689.7 million) in the quarter, 12.1 percent higher than the 2.31 billion ringgit for the corresponding quarter in the previous fiscal year.
The company said its debt-to-equity ratio improved to 0.51:1 from 0.71:1.
“The prospect of the shipping industry continues to remain positive,” MISC said. “MISC’s earnings arising from existing long term charters and contracts of affreightment in the LNG, petroleum and offshore businesses will provide the group with stable earnings.”