Container liner business the key culprit, again. Normalised FY03/10 net profit of RM703.3m missed our forecast and the market consensus by a whopping 13% and 32% respectively. The variance came largely from the wider-than-expected losses at the container liner division of RM1.2bn, against our forecast of RM1bn on the back of the persistent triple-whammy of reduced volumes and freight rates, but increased operating cost.
Misc Berhad : FY03/10 A Washout - 7/5/2010
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