Shipping liner MISC Bhd said in a filing to Bursa Malaysia yesterday that its first quarter losses rose 51 per cent, to RM465.08 million from RM307.88 in the same period last year.
According to the filing, the higher losses were due to lower operating profit, recognition of impairment provisions and additional liner exit provisions.
MISC said the shipping industry would continue to remain challenging, compounded by continuing uncertainties in global economic growth.
“Low freight rates, rising bunker costs and vessels supply overhang contribute to the challenges faced and do not bode well for the rest of the year,” it added.
MISC shares shed 0.98 per cent to RM4.05 a share prior to the earnings announcement, in line with the benchmark stock index’s 0.94 per cent fall.
Source: Reuters