MISC Revenue Down in 2013

MISC said its revenue for the quarter ended 31 December 2013 of RM2,141.9 million was 7.2% lower than the RM2,306.9 million revenue of the corresponding quarter.

This was attributed to the lower value of progress claims from projects that are nearing completion in heavy engineering business and a smaller fleet of operating vessels in the chemical business. However, higher earning days in LNG business and higher freight rates in the petroleum business mitigated the decrease in group revenue.

Group operating profit of RM404.7 million for the quarter ended 31 December 2013 was 14.3% lower than the RM472.0 million profit recorded in the corresponding quarter. The decrease in operating profit was mainly due to the decline in Group revenue and higher than expected cost to complete one of the on-going projects in heavy engineering business.

Group profit before tax of RM1,087.9 million was higher than the RM720.8 million profit in the corresponding quarter, mainly due to higher share of profit from joint ventures, especially Gumusut-Kakap Semi Floating Production System Limited (GKL), from recognition of a once-off gain on disposal of Gumusut Kakap Floating Production System (FPS) through finance lease in the current quarter.

YEAR ON YEAR

Group revenue for the financial year ended 31 December 2013 of RM8,971.8 million was 0.9% lower than RM9,050.3 million revenue for the financial year ended 31 December 2012.

Lower value of progress claims from projects that are nearing completion in Heavy Engineering business and a smaller fleet of operating vessels in Chemical business caused the decline in Group revenue. However, higher earning days in LNG business mitigated the decrease in Group revenue.

Group operating profit of RM1,552.6 million was 2.3% higher than RM1,517.4 million in the prior year. Higher LNG business revenue and lower operating costs from smaller fleet of operating vessels in Chemical and Petroleum businesses contributed to the increase in profit.

Group profit before tax of RM2,227.7 million was higher than RM1,516.7 million in the prior year. The increase in profit was mainly due to higher share of profit from joint ventures, especially GKL, from recognition of a once off gain on disposal of Gumusut Kakap FPS through finance lease in the current year.

1 Malaysian ringgit = 0.301341 U.S. dollars

LNG World News Staff, February 14, 2014; Image: MISC

 

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