MISC Bhd posted a jump in net profit to RM369.4mil for the second quarter ended Sept 30, 2010 against RM82mil a year ago due to improved performance in the restructured liner business and increased profitability in the heavy engineering business.
It told Bursa Malaysia yesterday that revenue for the period was RM3.09bil versus RM3.53bil a year ago while earnings per share were 8.3sen against 2.1sen
The group proposed a dividend of 15 sen per share for this quarter, the same as last year's same quarter.
It said MISC expected improvement in freight rates from last year's depressed levels.
However, the competitive landscape in the shipping industry remains challenging with volatility in rates over the short term.
In addition, prospects in the offshore and heavy engineering segments have significantly improved, it said.
It added that in line with the recent listing of Malaysia Marine & Heavy Engineering Holdings Bhd on Bursa Malaysia, contribution from the heavy engineering segment would be diluted to 66.5%. - The Star
