Asia/Pacific News
Profits Jump for MISC on Floating Production System Income
Malaysian shipping company MISC Berhad reports its profit before taxes more than doubled to RM445.5 million ($139.7 million) in the third quarter of 2013, compared with RM218.6 million ($68.6 million) in the same period last year due largely to finance lease income from a floating production system.
The company's revenues grew 0.5 percent year-over-year to RM2.2 billion ($690 million).
MISC said more LNG shipping volume and higher freight rates in the chemical sector helped its revenues, while its heavy engineering business was down as some projects neared completion, and the petroleum division brought in less revenues as its fleet size declined.
A smaller fleet in both the petroleum and chemical businesses helped reduce expenses, bringing profits up.
The company said it began receiving a higher share of profit from the Gumusut-Kakap floating production system (FPS) in June.
The FPS, operating in deepwater oilfields off the coast of Sabah, Malaysia, is operated by Sabah Shell, with partners including ConocoPhillips Sabah, Petronas Carigall, and Murphy Oil, according to oil and gas industry site OilPro.com.
