MISC has reported a 40% fall in the annual pre-tax profit of MYR933.1m ($284m) compared to MYR1.556bn ($473.6m) a year ago.
The Malaysian shipping group’s revenues for year ending 31 March fell to MYR13.77bn ($4.1bn) against MYR15.78bn ($4.8bn) on a year-on-year basis, the company said.
The shipowner reported a profit after tax of MYR822m ($250m) for the year, down from MYR1.48bn ($450.5m) in the previous year, it said.
MISC attributed the loss to the inconsistent freight rate cycles for liner, chemical and petroleum shipping due to the global economic downturn.
In the fourth quarter MISC posted a profit of MYR233m ($71m), compared to MYR175m ($53.4m).