MISC Q1 earnings down 9.2%

Malaysian liquefied natural gas (LNG) shipper MISC Bhd yesterday reported a 9.2 per cent decline in first-quarter net profit, due to weaker container shipping demand due to the global economic slowdown.

It earned a net profit of RM522.9 million (S$221.8 million) in April-June compared with RM575.6 million a year ago. Its shares fell more than 10 per cent in April-June, underperforming the Kuala Lumpur Composite Index which fell 4.9 per cent.