KUALA LUMPUR (Nov 13): MISC Bhd's net profit for the third quarter ended Sept 30, 2019 fell 22% year-on-year to RM266.1 million from RM341 million, due to a loss in its heavy engineering division and other adjustments.
In a bourse filing today, MISC said revenue for the quarter dipped to RM2.15 billion from RM2.23 billion previously, due to a one-time reimbursement cost on towing and installation of a project in the offshore segment recognised in the corresponding quarter.
Earnings per share slipped to 6 sen from 7.6 sen a year ago.
MISC declared an interim dividend of 7 sen per share, payable on Dec 10.
For the nine months ended Sept 30, MISC's net profit rose to RM1.18 billion versus RM972.8 million in the year-ago period on the back of revenue of RM6.59 billion against RM6.39 billion a year earlier.
In a separate statement, MISC president and group CEO Yee Yang Chien said the strength and resilience of its businesses have contributed to MISC's stable financial performance for this quarter and will pave the way towards a positive financial close in 2019.
He said across the MISC group, it had been very consistent in pursuing value creation strategy of investing in assets on demand for long-term charters to premium customers that will underpin a predictable and sustainable annual operating cash flow while consistently funding new growth opportunities.
"We are pleased to see a lot of projects that were previously under consideration have now come to life especially in the recent months which bodes well to sustain the momentum of our healthy financial growth," he said.
On MISC's prospects, Yee said the group was hopeful of ending financial year 2019 on a high note with a few more projects secured, after its successful tender for the liquefied natural gas tanker time charter contracts with SeaRiver Maritime LLC (a wholly-owned subsidiary of Exxon Mobil Corp) for two vessels for a period of 15 years.
"MISC hopes to build on that momentum of growth from now into 2020," he said.
At the midday break today, MISC gained 0.36% or 3 sen to RM8.33, valuing it at RM37.18 billion.