MISC sees first quarter profit chopped

MISC has kicked off 2017 with a smaller profit as lower rates had a negative impact on the company’s performance.

The tanker owner booked a gain of MYR 693.9m ($160.4m), compared to MYR 795.4m in the same spell of 2016.

Revenue from its LNG and petroleum segments was up by 9.3% and 1.1% respectively.

But lower freight rates and higher bunker costs took a toll on the company’s operating profit.