Declining rates and liftings on the intra-Asia liner trades dragged MISC Berhad’s preteax profit down 57.4 percent year-over-year to $67.3 million in the first quarter ending 30 June.
The Malaysia group’s revenue fell 8 percent to $1 billion within the same period. Aside from a decrease in liner and heavy engineering income, MISC said it was also hurt by “losses in petroleum business from weakening of freight rates.”
MISC has gradually pulled out of the mainline container trades in recent years to focus on its intra-Asia business. It now markets itself as a specialist in the transportation of Halal produce with refrigerated support across Asia and Oceania using 16 owned and 15 chartered vessels.
“Market conditions for the liner, petroleum and chemical businesses are expected to remain weak and will have an adverse impact on the group's performance,” MISC said.
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