MISC ... May10

MISC 4QE MAR 2010 NET PROFIT UP 36.5% ON LNG AND OFFSHORE BUSINESSES

MISC recorded a 36.5% jump in Net Profit to RM196.4m for 4QE Mar 2010, up from the RM143.9m Net Profit same quarter a year ago, mainly contributed by its LNG and offshore businesses, and the reduction of operating costs.

Revenue for 4QE Mar 2010 however fell 17.3%, from RM3.9bil to RM3.3bil same quarter a year ago, while EPS rose from 3.78 sen to 5.09 sen.

FYE MAR 2010 NET PROFIT DROPS TO HALF
For the FYE Mar 2010, the Company's Net Profit fell to RM682m, half of its FYE Mar 2009 Net Profit of RM1.4bil. Revenue dropped 12.7% to RM13.8bil from RM15.8bil, while EPS fell to 17.67 sen from 35.91 sen.

FINAL DIVIDEND DECLARED
FINAL DIVIDEND OF 20 SEN PER SHARE PROPOSED
The Company has proposed a Final Dividend of 20 sen tax-exempt per share of 20 sen, which it hopes to pay on Aug 30, 2010.

OUTLOOK
The Company hopes for an improvement in performance with the expansion of its heavy engineering business, and the increase in number of earning assets of its offshore business. Freight rates also have been recovering, and the Company has managed to contain the losses of its liner business.

CASH & BANK BALANCES DOUBLE, BORROWINGS INCREASE
The Company's Cash & Bank Balances doubled to RM7.85 bil as at Mar 31, 2010 from its Apr 1, 2009 balances of RM3.73 bil.

Long Term Borrowings as at Mar 31, 2010 increased to RM9.19 bil, up from RM8.75 bil on Apr 1, 2009, while Trade & Other Payables rose to RM3.58 bil from RM3.10 bil.