LNG shipper MISC of Malaysia reported RM571 million profit for the first quarter of 2016, up 17 percent from the RM486.31 million during the corresponding quarter in 2015.
Company’s revenue dropped from RM2.49 billion to RM2.39 billion, a 3.8 percent decrease, MISC revealed in its filing to the stock exchange on Friday.
MISC, a unit of energy giant Petronas, said the operating profit of RM774.8 million was 67.1 percent higher than the 2015 corresponding quarter’s profit of RM463.6 million.
LNG revenue for the first quarter rose 2.1 percent to RM683.2 million from RM669.1 million in the first quarter of 2015.
In addition, MISC said it is optimistic in regards to its financial performance for the rest of the year despite the effects depressed oil and gas prices are having on LNG shipping and offshore business.
1 RM = 0.25 USD
LNG World News Staff