MISC's Q1 profits slide 9.2%

MISC Berhad (MISC) announced that its net profit fell 9.2% to RM 522.9 million for the period ending June 30, 2008 from RM 575.6 million a year earlier.

Revenues of RM 3,649.3 million were 24.9% higher than the RM 2,921.2 million recorded in the corresponding previous quarter.

MISC recorded a before tax profit of RM 559.4 million, which was 2.6% lower than the previous corresponding quarter's RM 574.1 million (excluding gains on disposals of ships). The decrease was mainly attributable to higher operational costs particularly in bunkers, crewing costs and port charges.
Net tangible assets per share increased to RM 5.05 from RM 4.78 with a gross debt equity ratio remaining at 0.41:1.

The group's earnings arising from existing and new long term charters in the LNG and offshore businesses continue to provide the group with stable earnings.

Major factors affecting the group? performance include the global petroleum shipping space experiencing short term firmness <Korea Shipping Gazette>