The group reported revenue of RM2.96bil, down from RM3.37bil.
KUALA LUMPUR: MISC Bhd
’s profitability took a hit in the third quarter ended Sept 30, 2024 (3Q24), on the back of lower revenue in the gas assets and solutions, as well as offshore segments.
In the quarter under review, the group said net profit fell to RM338.9mil from RM430.4mil in the year-ago quarter, which translates to an earnings per share of 7.6 sen against 9.6 sen previously.
The group reported revenue of RM2.96bil, down from RM3.37bil.
Its gas assets and solutions business recorded a 21.7% drop in revenue year-on-year to RM674.2mil due to lower earning days from contract expires and lower charter rates in the current quarter.
In the offshore segment, MISC said it incurred an operating loss of RM33.2mil as compared to an operating profit of RM58.1mil in 3Q23 due to lower construction profit following lower project progress as well as increase in construction costs.
