KUALA LUMPUR: MISC Bhd's net profit for the first quarter ended June 30, 2010 rose to RM427.98 million from RM233.45 million a year ago, due mainly from improved performance in the restructured liner business and increased profitability in heavy engineering business.

Revenue for the quarter, however, was lower at RM3.27 billion from RM3.89 billion a year ago.

Earnings per share was 9.59 sen.

In a filing to Bursa Malaysia on Thursday, Aug 19, the company said that for its current-year prospects, MISC said it continued to see improvements in freight rates, which had translated into higher profitability for its shipping segments.

?However, the competitive landscape in the shipping industry remains challenging with volatility in short term rates being a key feature. ?In addition, expectations of higher Exploration and Production (E P) spending in the region bodes well for our Heavy Engineering and Offshore businesses. Current year performance is expected to improve further in tandem with the global trade recovery,? the company said.