MISC Q2 profit more than quadruples

MISC, the shipping arm of Malaysian state oil firm Petronas, reported a more than four-fold rise in second quarter earnings, boosted by its shipping as well as heavy engineering businesses, reported Reuters.

The company, one of the world's largest operators of liquefied natural gas tankers, has been benefiting as tanker and container rates started picking up after hitting record lows during the peak of the global slowdown.

"We expect improvement in freight rates from last year's depressed levels," the company said.

However, it warned that the competitive landscape in the shipping industry remained challenging and rates could be volatile in the short term.

MISC's net profit rose to US$118.07 million for the July-September quarter from $26.21 million a year earlier.

Last month, MISC sold a quarter of its stake in its shipbuilding unit Marine and Heavy Engineering in an IPO. MISC raised about $335.41 million from the offering.
(Source:www.cargonewsasia.com)