KUALA LUMPUR: MISC BHD []'s earnings fell to RM121.07 million in the quarter ended June 30, 2011 from RM427.98 million a year ago as it was affected by losses in the petroleum business as freight rates fell.
It said on Thursday, Aug 18 that revenue declined to RM3 billion from RM3.27 billion. Earnings per share shrank to 2.70 sen from 9.6 sen.
'The decline in its profit was mainly due to losses in the petroleum business due to the weakening freight rates and higher losses in the liner business,' it said.
As for the lower revenue, MISC said this was due to a decline in revenue from the heavy engineering and liner businesses. However, higher revenue from the chemicals and offshore businesses helped to cushion the impact.
As for the outlook, it said market conditions for the liner, petroleum and chemicals businesses were expected to remain weak and would have an adverse impact of the group's performance.
However, its long term contracts in the liquefied natural gas and offshore businesses combined with the relatively steady revenue and margins from the heavy engineering segment would continue to provide stable income stream to the group.
It said on Thursday, Aug 18 that revenue declined to RM3 billion from RM3.27 billion. Earnings per share shrank to 2.70 sen from 9.6 sen.
'The decline in its profit was mainly due to losses in the petroleum business due to the weakening freight rates and higher losses in the liner business,' it said.
As for the lower revenue, MISC said this was due to a decline in revenue from the heavy engineering and liner businesses. However, higher revenue from the chemicals and offshore businesses helped to cushion the impact.
As for the outlook, it said market conditions for the liner, petroleum and chemicals businesses were expected to remain weak and would have an adverse impact of the group's performance.
However, its long term contracts in the liquefied natural gas and offshore businesses combined with the relatively steady revenue and margins from the heavy engineering segment would continue to provide stable income stream to the group.
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