MISC ... Sept09

MISC registered Net Profit of RM233.4m for 1QE Jun 2009, a decline of 55% from RM523.8m a year ago after its integrated liner logistics division suffered operating losses.

The Company in an EXCHANGE filing on Aug 20, 2009 said that Revenue was higher at RM3.89 bil compared with RM3.65 bil. EPS was 6.28 sen compared with 14.06 sen same quarter last year.

DIVISIONAL RESULTS
On divisional results, MISC reported that energy related shipping posted operating profit of RM473.1m, other energy business RM166.5m, non-shipping RM29.6m but the integrated liner logistics division suffered operating losses of RM314.6m.

Excluding Loss on Disposal of ships,the Group PBT RM282m was 49.6% lower than the corresponding quarter's profit of RM559.4m.The decrease was mainly due to lower profit in petroleum business and losses in liner and chemical businesses.

RESULTS BETTER THAN 4QE MAR 2009
MISC said excluding Loss on Disposal of ships, the Group PBT of RM282m was 25.1% higher than the RM225.4m profit recorded in the preceding quarter. The higher profit achieved in this quarter came largely from the restructuring of liner business.

OUTLOOK
On the outlook, the Company said the contraction in the global trade was expected to impact the shipping industry as reflected by the falling rates in petroleum and container shipping.

MISC added the Group's earnings from the long-term charters in the liquefied natural gas and offshore businesses would cushion the Group from the downward pressure on rates.