Bin­tulu Port Q3 earn­ings dip 5% to RM34.7mil

The Star Malaysia - StarBiz - - News -

PETALING JAYA: Bin­tulu Port Hold­ings Bhd’s net profit fell 5.1% to RM34.74mil in the third quar­ter ended Sept 30 due to a de­cline in rev­enue from con­struc­tion ser­vices for con­ces­sion in­fra­struc­ture.

It said its prof­itabil­ity fell from RM36.61mil a year ago. Earn­ings per share were 7.55 sen com­pared with 7.96 sen. The com­pany de­clared an in­terim div­i­dend of four sen a share, lower than the six sen a year ago.

The group’s op­er­at­ing rev­enue rose 28.7% to RM178.19mil from RM138.43mil a year ago due to liq­ue­fied nat­u­ral gas (LNG), con­tainer, bulk fer­tiliser and base sup­port ser­vices.

The rev­enue gen­er­ated from the op­er­a­tion at Sa­malaju In­dus­trial Port rose to RM22.26mil from RM8.53mil. The rev­enue from bulk­ing fa­cil­i­ties was slightly higher at RM10.17mil against RM9.77mil.

How­ever, rev­enue from con­struc­tion ser­vices for con­ces­sion in­fra­struc­ture of RM19.79mil was recog­nised com­pared with RM146.48mil a year ago.

The cor­re­spond­ing cost of con­struc­tion for con­ces­sion was also recog­nised for the quar­ters un­der re­view. This re­lated mainly to the port’s de­vel­op­ment project at Sa­malaju In­dus­trial Port. Bin­tulu Port said ex­pen­di­ture in Q3 was higher at RM135.20mil com­pared with the RM96.26mil a year ago.

“The in­crease in ex­pen­di­ture is on the ser­vice con­tract for han­dling of car­goes at the port and main­te­nance work to the port’s in­fra­struc­tures and equip­ment and the bulk­ing fa­cil­i­ties,” it said.

When com­pared with the pre­ced­ing quar­ter, its pre-tax profit rose to RM49.25mil from RM40.57 mil. Op­er­at­ing rev­enue in­creased by RM23.87mil to RM178.19mil.

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.