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Malaysia's MISC reports Q3 net loss of $575 mln

Thursday, 23 February 2012 | 00:00
Malaysian shipping liner MISC bhd said in a filing to the local stock exchange on Wednesday: *Q3 ended Dec 31 turned to a net loss of 1.74 billion Malaysian ringgit ($575 million) versus a net profit of 1.38 billion Malaysian ringgit a year ago
*The poor performance was partly due to its exit from the liner business and a weak global economy coupled with vessel supply overhang, while freight rates headed further south during 2011
*Going forward, it said its recent decision to cease its loss-making liner business operations is expected to benefit the group in the medium to long-term.
*Its LNG, offshore and heavy engineering businesses will continue to provide stability to the group's earnings moving forward, it said.
*Its shares dropped 1.36 percent on Wednesday to 5.80 ringgit prior to the earnings announcement
*MISC on March 2 last year announced a change of financial year-end to Dec 31 from March 31. The first new financial year would end on Dec 31, resulting in a 9-month financial year.
Source: Reuters
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