UPDATE: Malaysia’s MISC 2Q Net Profit Falls Nearly 59% On Impairment Loss

MISC is still profitable? Wow. Keep an eye out for a spin off.

Dateline 2017-08-09, Nikkei Asian Review:

MISC, the shipping arm of Malaysia’s national oil company Petronas, said Wednesday its second-quarter net profit fell 58.7% on year, mainly due to write-down on assets, while revenue also declined.

Net profit for the three months ended Jun. 30 totalled 556.50 million ringgit ($129.78 million) compared with 1.35 billion ringgit a year ago, the company said in an exchange filing. Quarterly revenue was down 3.8% to 2.30 billion ringgit from 2.39 billion ringgit a year earlier.

Analysts said MISC’s latest set of results came in largely within expectation after stripping out the one-off impairment and other non-operating losses, although prospects of a sharp uptick in earnings remain bleak.

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