KUALA LUMPUR: MISC BHD [] posted net loss of RM307.88 million in the fourth quarter ended March 31, 2011 after it made impairment provisions totaling RM456.65 million.
In its financial statements issued on Wednesday, May 11, the poor financial performance was a sharp contrast from the net profit of RM196.43 million a year ago when the provisions for impairments were sharply lower at RM49.58 million.
MISC said its revenue was lower at RM2.924 billion compared with RM3.31 billion a year ago. Loss per share was 6.9 sen compared with earnings per share of 5.10 sen.
For the financial year ended March 31, 2011 however it reported higher net profit of RM1.87 billion compared with earnings of RM682.04 million in FY10.
Revenue slipped 10.5% to RM12.32 billion from RM13.77 billion mainly attributed to lower revenue from liner and heavy engineering businesses.
MISC said the group's profit before tax (excluding gains and impairment provisions for ships, loans and investments) for the full financial year of RM1.321 billion was 34.5% higher than the profit before tax of RM982.7 million in FY2010 largely due to lower losses in liner business and higher contributions from offshore and heavy engineering segments.
Its cash and cash equivalents shrank to RM3.352 billion from RM7.849 billion a year ago.
On the prospects, MISC said within the energy related shipping segments, the LNG business continues to provide stability to the group via its stream of secured and recurring earnings through its portfolio of long term contracts.
'However, we expect the market to be challenging for the petroleum and chemical tanker businesses due to a prolonged overcapacity in the industry,' it said.
In its financial statements issued on Wednesday, May 11, the poor financial performance was a sharp contrast from the net profit of RM196.43 million a year ago when the provisions for impairments were sharply lower at RM49.58 million.
MISC said its revenue was lower at RM2.924 billion compared with RM3.31 billion a year ago. Loss per share was 6.9 sen compared with earnings per share of 5.10 sen.
For the financial year ended March 31, 2011 however it reported higher net profit of RM1.87 billion compared with earnings of RM682.04 million in FY10.
Revenue slipped 10.5% to RM12.32 billion from RM13.77 billion mainly attributed to lower revenue from liner and heavy engineering businesses.
MISC said the group's profit before tax (excluding gains and impairment provisions for ships, loans and investments) for the full financial year of RM1.321 billion was 34.5% higher than the profit before tax of RM982.7 million in FY2010 largely due to lower losses in liner business and higher contributions from offshore and heavy engineering segments.
Its cash and cash equivalents shrank to RM3.352 billion from RM7.849 billion a year ago.
On the prospects, MISC said within the energy related shipping segments, the LNG business continues to provide stability to the group via its stream of secured and recurring earnings through its portfolio of long term contracts.
'However, we expect the market to be challenging for the petroleum and chemical tanker businesses due to a prolonged overcapacity in the industry,' it said.
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