KUALA LUMPUR (Nov 7): MISC Bhd reported a 189% jump in third quarter net profit from a year earlier as the shipping firm's revenue rose. Lower impairment provision, higher joint venture profit, and disposal gains had also supported bottom line growth.

In a statement to the exchange today, MISC said net profit rose to RM401.02 million in the third quarter ended September 30, 2013 from RM138.88 million. Revenue was higher at RM2.17 billion versus RM2.16 billion.

MISC said profit before tax had increased due to "recognition of finance lease income for Gumusut-Kakap floating production system project commencing June 2013."

Net profit had risen as the group registered lower losses from discontinued operations, MISC's income statement shows.

According to MISC, revenue had increased on higher income from the liquified natural gas (LNG) unit. This follows commencement of two floating storage units in August last year.

Higher shipping rates for chemicals had also contributed to top line growth, the firm said.

MISC's cumulative nine-month net profit climbed significantly to RM1 billion from RM49.13 million a year earlier. Revenue was higher at RM6.83 billion versus RM6.72 billion.

Looking ahead, MISC said chemical and petroleum shipping prospects remain challenging. This comes amid a vessel oversupply in the market.

"Long-term contracts in LNG and offshore businesses continue to provide stability to the group," MISC said.