Malaysia International Shipping Corporation Berhad (MISC Berhad), a shipping arm of Petronas, has seen an increase of 12.3 percent in its net profit for the 2015 full year financials when compared to 2014.

The group reported a net profit of MYR 2.4 billion, an increase from the net profit of MYR 2.2 billion in 2014.

However, MISC Berhad’s net profit for the fourth quarter of 2015 decreased to MYR 752,389 (USD 182,705), from MYR 991,609 (USD 240,796 million) recorded in the fourth quarter of 2014.

Group operating profit was at MYR 1.08 billion (USD 262.4 million) in the fourth quarter of 2015, a 131.1 percent jump from MYR 468.9 million (USD 113.6 million) in the corresponding quarter of 2014.

The company attributed the increase mainly to improved freight rates in the petroleum business, as well as to the compensation for early termination of term charter contracts for two vessels in LNG business.

MISC Berhad reached a revenue of MYR 3.3 billion, a 44.8 percent increase from the MYR 2.2 billion recorded in the corresponding quarter a year earlier.

This rise was mainly attributed to finance lease income contribution of an asset under construction in offshore business and higher revenue from ongoing projects in heavy engineering in the quarter.

However, a smaller fleet of operating vessels and lower earning days caused declines in chemical and LNG businesses’ revenue, respectively.

Full year revenue reached MYR 10.9 billion, representing a 17.3 percent increase compared to the MYR 9.2 billion revenue in 2014, while group operating profit for the 2015 full year was at MYR 2.8 billion, a 54.1 percent rise compared to the profit of MYR 1.8 billion reported a year earlier.

From: World Maritime News