Period 1Q12
Actual vs. Expectations
1Q12 saw a core net loss of RM128.2m as compared to our FY12
full year net profit of RM928.1m and RM977.3m that of the market consensus.
The result was, however, broadly in line with our expectation
as the loss incurred by the Liner business in 1Q12 is likely to be the last one
before the unit winds up in Jun 2012.
Dividends No dividend was declared as expected
Key Results Highlights
The 1Q12 headline net loss narrowed by 73% QoQ to RM465.1m
from RM1.7b while revenue slid 16% YoY to RM2.4b from RM2.9b.
The reported numbers in 1Q12 included a RM116.4m impairment
on chemical vessels and an additional RM220.5m Liner exit provision.
Despite revenue dipping 2% QoQ, LNG Shipping posted a 1Q12
PBT which rose 2% QoQ to USD116.0m, thanks to improved charter rates.
1Q12 loss before tax for Petroleum Shipping meanwhile
narrowed 41% to USD40.7m due to improved freight rate for Aframax (+22%) although
VLCC declined 24% QoQ.
Likewise, 1Q12 loss before tax for Chemical Shipping also
narrowed 30% to USD18.8m due to freight rates, which rose 17% QoQ. But, bunker cost
also rose 7% QoQ.
Loss before tax for Container & Logistics dropped 48% to
USD100.9m, which included the Liner provision of USD63.5m and USD8.4m for
vessel impairment.
Offshore’s 1Q12 PBT dipped 8% QoQ to USD29.8m due to
unrealised forex loss for FPSO Brasil.
Heavy Engineering’s PBT meanwhile gained 71% QoQ to USD28.3m
due mainly to higher contributions from new projects i.e. Tapis EOR and Teluk
Gas projects.
Tank Terminals’ PBT dropped 5% to USD8.0m on lower earnings
from VTTI.
Outlook Better earnings prospects for LNG, Offshore, Heavy
Engineering and Tank Terminal on additional fleet and capacity are expected
from 2012.
In the near term, tough time remains for the Petroleum and
Chemical business due to volatile charter rates, unyielding bunker costs and
the imbalance in the demand and supply of vessels.
Change to Forecasts
No changes to our estimates.
Source: Kenanga
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