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MISC Bhd’s earnings for the second quarter ended June 30, 2020 (2Q20), fell 29.09% year-on-year (YoY) to RM299.5 million as the energy logistics provider took a heavy toll from recognition of impairments due to the impact of the Covid-19 pandemic and the downturn in the oil and gas (O&G) sector.The reduction in profit was mainly due to the recognition of an impairment loss amounting to RM300 million on property, plant and equipment, and right-of-use assets at its heavy engineering segment.Revenue for the quarter was up 1.1% YoY at RM2.19 billion due to higher contributions from its petroleum segment following improved freight rates and higher-earning days in the liquefied natural gas (LNG) segment.
PETALING JAYA: The Malaysian bond market, which registered the 13th straight month of positive net foreign inflows in May, will likely see lesser foreign inflows in the coming months as inflationary pressure in the US builds up.
31 May 2021 / 22:58 H.
PETALING JAYA: Serba Dinamik Holdings Bhd shares hit limit-down in early trade today on resumption of trading following a two-day suspension after it was informed by its longstanding external auditor KPMG about issues pertaining to the statutory audit. At today’s close, the stock was down 29.81% or 48 sen to RM1.13 with 28.33 million shares changing hands. It was the top loser of the day on Bursa Malaysia.
The tumble in Serba Dinamik’s share prices came as analysts appear to be at odds over concerns about the reliability of the oil and gas service firm’s unaudited FY20 results.