28-05-2025
Lower revenue from key segments weighs on MISC's 1Q 2025 earnings
KUALA LUMPUR: MISC Bhd 's net profit eased to RM705.70 million in its first quarter ended March 31, 2025 (1Q 2025) from RM759.90 million in the same period a year earlier on the back of lower revenue for the quarter.
Revenue for the quarter declined to RM2.82 billion against RM3.64 billion year-on-year, primarily weighed down by lower revenue from the marine and heavy engineering segment by 54.0 per cent.
The segment recorded a revenue of RM453.1 million, which was RM531.4 million lower than the corresponding quarter's revenue of RM984.5 million, mainly attributable to lower revenue from ongoing heavy engineering projects.
"This is due to several projects nearing completion, resulting in lower activity and revenue, while the newer projects are still at early stages,' MISC said in a filing with Bursa Malaysia today.
Additionally, the group said that the lower revenue in the gas assets and solutions segment was primarily due to lower earning days resulting from contract expiries, vessel disposals, and lower charter rates during the current quarter.
Revenue for the segment stood at RM636.2 million, which was RM139.1 million or 17.9 per cent lower than the corresponding quarter's revenue of RM775.3 million. - Bernama
