THE
Malaysia International Shipping Corporation's (MISC) operating
profit rose 10.2 per cent year on year in 2017 to MYR2.7 million (US$693,442),
drawn revenues of MYR10.03 billion, an increase of 4.6 per cent.
Fourth quarter profit before tax of MYR42 million fell from
to MYR504.4 million because of impairment loss on ships, and property of
MYR553.9 million while quarterly revenue fell 3.3 per cent to MYR2.4 billion
due to the lower value of vessel repairs and fewer earning days in the
petroleum segment.
MISC
president and CEO Yee Yang Chien said: "2017 was a
challenging year for the shipping and offshore sectors as growth opportunities
were scarce while revenue was under constant pressure from weak freight rates
and contract renegotiation risks.
"However, with a steady rise in oil price over the
past two years, we are looking forward to better days and a healthier level of
activities for the oil and gas markets in anticipation of a potential revival
in investment spending for the global energy sector," he said.
Mr Yee said "2018 marks our 50th year of operations
and as the results of the many initiatives undertaken as well as the strong
foundation we have laid for transformation, we are poised for a sustained and
robust growth".
Source : HKSG.
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