MISC second-quarter net profit drops 25% on impairments
The Malaysian energy logistics player had predicted in its first-quarter results that the spot rate rises in the tanker market in March and April would not last. It sees the rates staying under pressure for the remainder of the year as the global economy takes time to recover to pre-pandemic levels
The second half of the year will be tough for all segments as the effects of the coronavirus backdrop continue to weigh on various aspects of the global economy, MISC says