MISC Berhard Asia-Europe container losses cut profit

MALAYSIA's MISC Berhard fiscal third quarter results were hurt by its liner shipping unit losses of which saw profits fall to MYR589 million (US$173 million) compared to year previous earnings of MYR1.3 billion.

Its liner arm losses far exceeded 2008 decline of MYR604 million to drop a staggering MYR 1,375 million in the calendar year 2009 with an operating margin of -44 per cent.

According to Paris-based Alphaliner the company decline will likely continue following its retreat from the Asia-Europe trade December 2009 when rates were on the increase.

(Source: www.schednet.com)