Kuala Lumpur: MISC Bhd’s full year profits fell as a down cycle hit both tankers and container shipping. The Malaysian shipowner reported a profit after tax of RM822m for the year ended 31 March, 2010, down from RM1.48bn in the previous year. Revenues for fell to RM13.77bn last year compared to RM15.78bn a year earlier. “The year 2009 saw the trough of the freight rate cycles for liner, chemical and petroleum shipping in tandem with the global economic turmoil,” the company said. The fourth quarter of the year saw a bounce back in MISC’s profitability with a profit of RM233m, compared to RM175m in the same quarter a year previous. The company said higher profits were mainly due a better performance of its LNG and offshore businesses, as well as cost reductions lowering operating costs. Looking to the year ahead MISC said the continued recovery of freight rates would track the speed and trajectory of global economic recovery.

Source: seatrade asia