Malaysia’s MISC reports Q1 net loss of $151 million

Malaysian shipping liner MISC Bhd said in a filing to the local stock exchange on Wednesday:

*Q1 ended March 31 net loss widened 51 percent to 465.08 million ringgit ($151 million) from a 307.88 million ringgit net loss year a ago.

*The higher losses were due to lower operating profit, recognition of impairment provisions and additional liner exit provisions.

*MISC said the shipping industry would continue to remain challenging, compounded by continuing uncertainties in global economic growth.

*”Low freight rates, rising bunker costs and vessels supply overhang contribute to the challenges faced and do not bode well for the rest of the year,” it added.

*MISC shares shed 0.98 percent to 4.05 ringgit a share prior to the earnings announcement, in line with the Malaysia’s benchmark stock index’s 0.94 percent fall.

http://www.reuters.com/article/2012/05/16/misc-idUSL4E8G922X20120516

 

Category: Malaysia