MISC said its revenue for the second quarter of 2014 was RM2,538.6 million, up 11.1% compared to the same period in 2013.
“The increase in group revenue was mainly due to higher revenue in heavy engineering following progress of projects in hand, higher earning days in LNG business and improved freight rates in the petroleum business,” said the company in a statement.
The company’s operating profit of RM382.3 million for the quarter was 10.4% higher than the corresponding quarter’s profit of RM346.2 million. The increase in operating profit was mainly due to the increase in group revenue and lower operating costs from a smaller fleet of operating vessels.
Group profit before tax of RM344.6 million was 0.9% lower than the corresponding quarter’s profit of RM347.6 million.
1 Malaysian ringgit = 0.312256 U.S. dollars
Press Release, August 6, 2014; Image: MISC