MISC top gainer with stronger 3Q result

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KUALA LUMPUR(Nov 7): Boosted by a stronger financial performance in its  third quarter ended Sept 30, 2014, MISC Bhd’s shares edged up 12 sen or 1.6% to RM7.37 in afternoon trades.

MISC had earlier dropped to its intraday low of RM7.21 before rebounding to a high of RM7.42. The stock settled at RM7.37 as at 3.50 pm with about 3.1 million units changing hands.

The stock is also among the top gainers today.

MISC with core businesses in shipping, offshore, tank terminals and logistics, had recorded an increase of 17.4% in net profit to RM470.8million in third quarter 2014 (3QFY14) versus RM401.02 million a year earlier.

In a filing with Bursa Malaysia today, MISC said profit growth was underpinned by lower operating cost from a smaller operating fleet. Lower finance cost had also supported bottom line growth.

MISC's income statement showed that 3QFY14 finance cost had more than halved to RM56.29 million from RM104.72 million a year earlier.

The company has a market capitalisation of RM31.78 billion