MISC has seen its second quarter net profit slump 60% on a year ago on the back of impairments related to its heavy industry division.

Net income at the Malaysian LNG and tanker owner came in at MYR 164.3m ($39.2m) versus the MYR 401.9m reported a year ago.

MISC said the impairment of MYR 306m was recorded after it completed its assessment on the impact of Covid-19 and the depressed oil price environment to the heavy engineering business.