MISC profit increases three fold while revenue declines 10pc

MAYLASIAN carrier MISC Berhad Group has posted a near three-fold profit increase to MYR2.4 billion (US$783 million) for 2010 while its revenue declined 10 per cent to MYR9.4 billion.


Profits were attributed to improved operational performance, lower losses in liner business and improved earnings in MISC's heavy engineering business.


Although MISC did not release the losses made by its liner and logistics arm, it has been reported that the operating loss for the period stands at MYR452 million.


This contrasts with similar shipping companies, such as Shipping Corporation of India (SCI), which has a similar profile to MISC's. SCI posted robust revenue and profit increases for the same period, noted London's Containerisation International.
(Source:http://www.schednet.com)