MISC Bhd announced a 40 per cent lower pre-tax profit of RM933.1 million for the financial year ended March 31, 2010 compared with a pre-tax profit of RM1.556 billion last year.
The reduction in profits was mainly due to higher losses in the liner and chemical businesses and reduced profits in the petroleum segment, MISC said in a statement today.
Revenue was at RM13.775 billion against a revenue of RM15.783 billion in the previous financial year.
MISC also said the rights issue exercise completed in February, with the issuance of 744.0 million new shares, has led to a drop in net tangible asset (NTA) per share from RM5.54 at the end of the previous financial year to RM5.17 as at March 31, 2010.
Meanwhile, the higher group cash balances from the rights issue proceeds have led to a reduction in net debt equity ratio to 0.2:1 during the year reviewed compared with 0.38:1 the previous year.
MISC has recommended a final dividend of 20 sen per share tax exempt.
The company said it expected better performance ahead with the containment of losses of its liner business.
Additionally, expansion of its heavy engineering business and its offshore business are expected to contribute positively to the group’s performance.