Malaysia’s MISC Berhad has reported a net profit of MYR 1.77bn ($423m) for 2021, reversing a loss the previous year that it largely attributed to impairments and provisions for litigation claims.
Although the tanker market was challenged by low freight rates throughout 2021, revenues increased by 13.5% to MYR 10.7bn.
This was attributed mainly to revenue from the conversion of a floating production, storage and offloading unit in its offshore business segment, and the deliveries of five very large ethane carriers (VLECs) in its gas assets and solutions segment.
