|MISC's Group Financial Results for quarter 3 ended 31 December 2007, FYE 2008
21 Feb 2008 | MISC Berhad
MISC Berhad (MISC) is pleased to announce its Group financial results for Quarter 3 ended 31 December 2007 with a Revenue of RM3,320.0 million which was 17.4% higher than RM2,827.6 million recorded for the corresponding quarter in the previous financial year.
Excluding the gain on disposal of ships in the corresponding quarter, the Group Profit before tax of RM492.1 million was 20.8% lower than the corresponding quarter's of RM621.2 million. The decrease was mainly due to escalating operational costs especially bunker and port charges, accompanied by softening freight rates. However, the improved performance in Offshore and Liner businesses has helped to mitigate the lower freight rates.
Net tangible asset per share increased to RM4.70 from RM4.65 as at the end of the corresponding quarter with debt equity ratio inching up marginally to 0.42:1 from the corresponding quarter's 0.37:1 due to the increase in Group borrowings to fund capacity growth.
The Group's earnings arising from existing and new long term charters in the LNG and Offshore businesses will provide the Group with stable earnings. The global Petroleum and Container shipping are expected to weaken and escalating operational costs especially bunker, on the back of current high oil price could adversely impact the short term performance of the Group.
For more information kindly contact:
Mdm. Fiona Clare Pereira,
Corporate Affairs Department,
Fax: 03-2275 2888