The year in review was a fruitful one for MISC Berhad. I am pleased to say that as a result of the many structural and operational changes made across our business last year, we made good strides forward on the operational front while maintaining a steadfast financial performance. These achievements are all the more noteworthy given that they were achieved amidst weak market conditions in the energy shipping and offshore Oil & Gas segments. This year’s Annual Report carries the t heme “Dynami c • Res i l i ent • Synergistic”. It underscores how MISC, in its bid to consistently provide better energy related maritime solutions and services, has dynamically adapted to rapid macroeconomic and industry challenges and remained resilient amidst the storms buffeting the energy shipping segment. As we venture forth, we will continue to leverage on synergistic partnerships to achieve mutual success and deliver sustainable growth. The MISC of today is not the same one that was simply trying to survive the down-cycle that had plagued the shipping sector in 2009. Following the launch of the Group’s revitalised Vision, Mission and Tagline, together with our MISC2020 battle plan last year, we have progressively grown from strength to strength and are today poised to grow in a more energised and sustainable manner despite the woes befalling our industry. The results of our 2016 operational and financial performance underscore the fact that the measures we have taken to streamline and futureproof the Group’s businesses are working effectively. FINANCIAL PERFORMANCE I am pleased to report that for the financial year ended 31 December 2016, MISC Group turned in a commendable performance registering revenue of RM9,597.2 million, some 12.0% lower than the preceding year’s revenue of RM10,908.4 million. The lower revenue came on the back of lower charter rates earned on new contracts in the LNG segment and lower revenue from construction contracts in the Marine and Heavy Engineering segment. 47 Performance Review Dear Valued Shareholders, On behalf of the Board of Directors, I am pleased to present you the Annual Report and Audited Financial Statements of MISC Berhad and its subsidiaries for the financial year ended 31 December 2016.
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