Malaysia’s MISC, a unit of Petronas, said its profit increased in the second quarter as its LNG business logged a decline in both revenue and operating profit.
The shipping firm said its LNG asset solution business posted a revenue of 690.5 million ringgit ($163 million) and an operating profit of 293.6 million ringgit ($69.3 million) in the April-June period.
LNG revenue dropped 0.2 percent due to the strengthening of ringgit against the US dollar, while operating profit declined 16.7 percent when compared to the same period last year, MISC said.
MISC attributed the decline in LNG operating profit mainly due to higher vessel operating costs and impairment on receivables in the current quarter.
The Malaysian shipping firm is one of the largest operators of LNG carriers and most of them are on long-term charters. It operates a fleet of 29 LNG carriers and two floating storage units.
Looking at the overall quarterly results, MISC reported a profit of 538.8 million ringgit ($127.2 million) compared to 299.5 million ringgit in the corresponding period.
Revenue also increased by 7.7 percent to 2.35 billion ringgit ($554.7 million) while operating profit rose 19.9 percent to 627 million ringgit, boosted by the firm’s offshore business.