MISC Bhd. Profit Fell on Compensation for Renegotiated Contract, Costs Provisions - News Summed Up

MISC Bhd. Profit Fell on Compensation for Renegotiated Contract, Costs Provisions


's third-quarter net profit fell 48% compared with the same period a year earlier, weighed by contract compensation and additional cost provisions. Its petroleum and product shipping segment's operating profit was 37% lower due to a one-off compensation owing to a renegotiated contract. Moving forward, MISC expects prospects for the liquefied natural gas shipping market to remain supported by growing global LNG demand and additional LNG infrastructure investments. Petroleum shipping market rates may strengthen for the rest of 2023 amid strong seasonal demand, it said. MISC reckons its marine and heavy engineering segment will remain challenged by higher costs and stiff competition.


Source: Wall Street Journal November 22, 2023 06:03 UTC



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