Straits Inter Logistics Q3 profit surges 62 times
KUALA LUMPUR: Straits Inter Logistics Bhd’s net profit of RM631,000 for its third quarter ended September 30 was an increase of 62 times from RM10,000 a year ago, thanks to diversification into oil bunkering and trading.
Managing director Datuk Seri Ho Kam Choy said the group would continue to expand its asset base, strengthen operational capabilities and broaden geographical coverage to capture more opportunities in oil bunkering.
“The future of Straits will only be better as we commenced our oil bunkering operations from Pasir Gudang Port, Johor, in the last quarter of this year. It is expected to generate robust earnings in the months ahead.”
The group’s third-quarter revenue stood at RM32.9 million, 63 per cent more than RM20.2 million posted a year ago.
For the nine-month periof ended September 30, its RM82.9 million revenue was 65 per cent higher from RM50.3 million previously, while profit amounted to RM1.8 million from RM3,000 previously.
Straits currently owns two vessels, namely Sturgeon and Straits 1, with a maximum load capacity of 510,000 litres each.
A couple of months ago, Tumpuan Megah Development Sdn Bhd awarded the group’s 51 per cent unit Selatan Bunker (M) Sdn Bhd a RM45 million contract to provide bunkering and related services. Ooi Tee Ching