Kuala Lumpur: Annual profit at Malaysian shipping giant MISC has been boosted by a sale of shares in a shipyard, but the fourth quarter turned red.The company, whose mixed fleet includes tankers, containerships and LNG carriers, said net earnings in the year to 31 March were RM2.2bn ($730m), up from RM822m in the previous year.
Revenue fell by 10.5% to RM12.32bn, compared to RM13.77bn in the preceding year, as liner and heavy engineering income dwindled.
Other operating income rose, however, and it banked an RM1.4bn gain from diluting its stake in Malaysia Marine & Heavy Engineering.
Source : STA-Online, 13.05.11.
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