Malaysian LNG shipper MISC posted on Wednesday a 15 percent rise in third-quarter revenue as a result of higher petroleum freight rates.
The company’s revenue for the quarter was at RM2,505.6 million, as compared to RM2,180.3 million in the corresponding quarter.
MISC, a unit of energy giant Petronas, said in a statement revenues rose mainly due to improved freight rates in the Petroleum business.
“However, a smaller fleet of operating vessels in Chemical business, lower earning days in LNG business and different phases of project construction in Heavy Engineering caused declines in revenue of the respective businesses in the current quarter,” it added.
According to the statement, the company’s operating profit of RM618.9 million was 27.4 percent higher than the corresponding quarter’s profit of RM485.8 million.
LNG business recorded lower operating profit from lower revenue while additional provision for cost to complete an ongoing project caused a decline in Heavy Engineering operating profit.
MISC’s revenue for the 9-months period ended 30 September of RM7,596.3 million was 8.4 percent higher than in 2014.
1 RM = 0.234632 USD
LNG World News Staff; Image: MISC