MISC Bhd's (3816) net profit eased to RM483.86 million for the second quarter ended September 30 this year from RM654.98 million in the same period in 2007.
This was mainly due to losses in liner, higher operational costs and a lower share of profit from jointly controlled entities, MISC told Bursa Malaysia yesterday.
Group revenue, however, was 40.3 per cent higher to RM4.45 billion from RM3.17 billion previously.
In light of the current business environment, MISC expects lower profit for the full year.
An interim dividend of 15 sen per share was declared.
MISC's net tangible assets per share for the quarter rose to RM5.20 from RM4.90 while gross debt equity edged up to 0.50:1 due to higher borrowings.
The group's earnings arising from existing and new long-term charters in the liquefied natural gas (LNG) and offshore businesses continued to provide it with stable earnings.
MISC said the global petroleum shipping space is experiencing short-term freight firmness that should come off with weakening demand and increasing tanker supply.
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