Money came flowing into the coffers at Malaysia’s MISC Berhad at a high rate during the second quarter of its financial year, but write-downs from vessel impairments and contract renegotiations, together with higher offshore construction costs, dipped it down into the red.

Despite revenue coming in at MYR 3.2bn ($72m), a 35% improvement year-on-year, and a gross profit of MYR 460.9m, the hydrocarbon shipping giant finished the quarter with a loss before tax of MYR 400,000.