MIS reports a third successive quarter of robust profit with 1st Half revenue

MIS reports a third successive quarter of robust profit with 1st Half revenue and net income up 71% and 366% respectively on 2008
MIS Co. Ltd. Inc. (OSE: MIS) reports  a continuation of its positive start to the financial year (its 30th year of operations in the Middle East) with results for the 2nd Quarter 2009, operating and financial highlights of which are as follows:
• Revenue of $132.5 million in the second quarter was 62% ahead of the same period last year, reflecting progress on six New Build rigs in production during the quarter versus three at the same time last year. Against the previous quarter revenue was down 10%, as revenue slowed on rigs at or near completion while production built up more slowly on the newer contracts.
• Net income of $10.2 million (just 0.8% down on the previous quarter) was more than 600% ahead of the same period last year, as both gross and net margins improved. Profitability was maintained in the traditional value streams, while MIS achieved a further modest improvement in the contribution from New Build. This contrasted with losses of $6 million recorded in the same period last year on Hulls 104 and 105 and zero margins on $6.6 million of revenue in Qatar.
• The SeaWolf Onome (Hull 105) was completed and formally accepted by the owner during the quarter, with the final milestone payment received after the quarter end.