End-of-day quote. End-of-day quote  - 06/17
6.93MYR -2.53%

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 chester.tay@wsj.com

(END) Dow Jones Newswires

11-17-20 0025ET

Copier lien
All news about MISC