LNG shipper MISC of Malaysia reported 2.4% higher revenue to RM2,600.5 million in the second quarter of this year.
The increase in revenue was mainly due to improved freight rates in petroleum business, revenue recognised from an EPC project in the current quarter and finance lease income contribution of an FPSO unit which commenced in September 2014, the company said in a statement on Tuesday.
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 a decline in revenue of the respective businesses in the current quarter, MISC said.
MISC’s operating profit of RM674.2 million was 76.3% higher than the corresponding quarter’s profit of RM382.3 million.
Group revenue for the 6 months ended 30 June of RM5,090.7 million was 5.4% higher when compared to the same period a year ago.
1 Malaysian ringgit = 0.259491 U.S. dollars