Thursday 28 Mar 2024
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KUALA LUMPUR (Feb 22): MISC Bhd's net profit for the fourth quarter ended Dec 31, 2018 (4QFY18) soared to RM338.70 million from RM68.20 million a year earlier.

Quarterly revenue, however, fell to RM2.39 billion versus RM2.47 billion previously, said MISC in a Bursa Malaysia filing. Earnings per share rose to 7.60 sen from 1.50 sen a year earlier.

MISC declared a dividend of 9 sen per share totalling RM401.7 million, to be paid on March 26.

For the financial year ended Dec 31 (FY18), MISC's net profit slipped 33.8% to RM1.31 billion from RM1.98 billion a year earlier, as revenue dropped to RM8.78 billion from RM10.07 billion in FY17.

On its prospects, MISC said the petroleum tanker spot market ended the year 2018 on a firmer note after a fragile start. However, the group said 2019 is projected to be still another challenging year for tanker markets.

"Growth in seaborne oil demand is expected to be impacted by the recently announced OPEC-led production cuts, and geopolitical uncertainty continues to cloud future energy demand.

"Over the longer term, growth in tonne-miles that is driven by higher exports from the Atlantic region to Asia suggests a more robust outlook in charter rates," it said.

Meanwhile, MISC said the heavy engineering segment is not expecting further deferment by ship owners for dry-docking activities in the coming year in view of the forthcoming implementation of new rules by International Maritime Organisation (IMO).

"In 2018, the segment had secured a number of long-term offshore fabrication frame agreements which are on a call-out basis.

"These are expected to contribute positively to the segment's revenue in 2019 and beyond. The Heavy Engineering segment remains committed to replenish its order book, and efforts to ensure competitiveness of ongoing and future bids remains a priority," it said.

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