|End-of-day quote - 06/17|
MISC's Third-Quarter Net Profit Fell on Weaker LNG Shipping Revenue
|11/17/2020 | 12:26am|
By Chester Tay
MISC Bhd.'s net profit for the third quarter ended Sept. 30 fell 2.9% lower from a year earlier due to lower revenue from the group's liquefied natural gas segment, following dry-dockings and certain vessels going off-hire.
Net profit for July to September fell to 258.3 million ringgit ($62.7 million), while revenue declined 4.1% to MYR2.06 billion, the oil and gas shipping company said in a stock exchange filing.
For the first nine months of the year, MISC incurred a net loss of MYR599.0 million versus a net profit of MYR1.18 billion a year earlier, although revenue grew 2.6% to MYR6.76 billion due to the impact of higher impairment losses from lower oil prices and the Covid-19 pandemic.
Write to Chester Tay at firstname.lastname@example.org
(END) Dow Jones Newswires