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