PETALING JAYA: MISC Bhd has made a formidable turnaround as its web revenue for the second quarter ended June 30, 2023 (Q2 FY2023) surged to RM452.9 million in opposition to a web lack of RM19.10 million in the identical interval a 12 months in the past on the again of a smaller impairment of non-current belongings.
Income elevated 10.5% to RM3.55 billion from RM3.21 billion beforehand, supported by the constructive efficiency in fuel belongings and options; petroleum and product delivery in addition to marine and heavy engineering segments, it stated in a submitting with Bursa Malaysia at this time.
The submitting confirmed impairment of non-current belongings decreased to RM17.4 million from RM309.8 million beforehand.
The board authorised a second tax exempt dividend of 10 sen per share amounting to RM446.4 million to be paid on Sept 21.
The supplier of energy-related maritime options and companies stated quarterly working revenue rose 15.3% to RM531.3 million from RM460.9 million within the corresponding quarter final 12 months.
MISC stated the fuel belongings and options phase’s income rose 1.2% to RM771.8 million in Q2 in comparison with RM762.5 million beforehand, primarily on account of translational affect from the weakening ringgit in opposition to the US greenback.
In the meantime, its petroleum and product delivery phase’s income in the course of the present quarter was 7.6% larger, at RM1.22 billion, from RM1.13 billion beforehand, primarily on account of larger freight charges achieved.
Its marine and heavy engineering phase’s income was greater than 100% larger at RM1.06 billion from RM400.6 million beforehand, primarily on account of larger income from ongoing heavy engineering tasks.
Nonetheless, the offshore enterprise phase’s income fell by 47.6% to RM466.7 million from RM890.4 million beforehand on account of decrease recognition of income from the conversion of a floating, manufacturing, storage and offloading unit (FPSO) following decrease undertaking progress within the present quarter.
MISC stated within the near-term, prospects stay constructive because of the rebound of liquefied pure fuel (LNG) demand prompted by decrease costs, restocking for winter necessities and depletion of inventories in the summertime given frequent warmth waves.
“The fuel belongings and options phase will proceed to pursue obtainable development alternatives whereas its working earnings continues to stay stable, supported by its present portfolio of long-term charters,” it added.
“Nonetheless, ongoing undertaking execution stays difficult on account of uncooked materials value escalation and international provide chain disruption which resulted in further prices and schedule affect. Consequently, the restoration might be pursued from shoppers,” it stated.