MISC Annual Report 2017

MISC BERHAD | Annual Report 2017 158 DIRECTORS ’ REPORT The directors have pleasure in presenting their report together with the audited financial statements of the Group and of the Corporation for the financial year ended 31 December 2017. PRINCIPAL ACTIVITIES The principal activities of the Corporation consist of shipowning, ship operating and other activities related to shipping services and operating offshore floating terminals. The principal activities of the subsidiaries, associates and joint arrangements are described in Notes 39, 40 and 41 to the financial statements respectively. There have been no significant changes in the nature of the principal activities during the financial year. HOLDING COMPANY The immediate and ultimate holding company of the Corporation is Petroliam Nasional Berhad ("PETRONAS"), a company incorporated and domiciled in Malaysia. SUBSIDIARIES The details of the Corporation's subsidiaries are disclosed in Note 39 to the financial statements. RESULTS Group Corporation RM'000 RM'000 Profit for the year 1,990,691 1,663,552 Attributable to: Equity holders of the Corporation 1,981,509 1,663,552 Non-controlling interests 9,182 - 1,990,691 1,663,552 There were no material transfers to or from reserves or provisions during the financial year other than as disclosed in the financial statements. In the opinion of the directors, the results of the operations of the Group and of the Corporation during the financial year were not substantially affected by any item, transaction or event of a material and unusual nature.