MISC Berhad has reported a year-on-year increase in profit of nearly 50% to MYR 391.3m ($93.5m) thanks largely to the completion of a major offshore project.
The Malaysian tanker owner's offshore business saw a near two-and-half fold increase in operating profit to MYR 243.3m while revenue more than tripled to MYR 749.7m.
MISC attributed the dramatic improvement mainly from the recognition of revenue from the conversion of a floating, production, storage and offloading (FPSO) in the quarter.
