KUALA LUMPUR: Bunkering services company Straits Inter Logistics Bhd registered a net profit of RM631,000 for its third quarter of the financial year ending December 31, 2017, representing an increase of 62 times from RM10,000 in the corresponding period last year.
Its revenue stood at RM32.9mil, a 63% increase as compared to RM20.2 mil a year ago.
In a statement on Bursa Malaysia, the company attributed the spectacular financial performance to the diversification of its principal activities into oil bunkering and trading in oil products successfully building a sustaining revenue stream.
For the 9-month financial year ending Dec 31, 2017, the company registered a revenue of RM82.9mil, which represents a 65% increase from RM50.3mil a year ago. Its net profit stood at RM1.8mil, 600 times increase from RM3,000 in the corresponding period last year.
Straits Inter Logistics Bhd managing director Datuk Seri Ho Kam Choy said: “We are delighted to see the results of our business strategies bear fruit. Going forward, our focus will be expanding our asset base, strengthening our operational capabilities, and broadening our geographical coverage to capture growth opportunities in the oil bunkering industry in Malaysia.
“The future of Straits will only be better, as we have commenced our oil bunkering operations from Pasir Gudang Port, Johor in the 4Q2017 and it is expected to generate robust earnings visibility for the Company.”
Straits, which currently owned 2 vessels, namely Sturgeon and Straits 1 (with a maximum load capacity of 510,000 liters each), is a major marine logistics company involved in the provision of premium oil bunkering services to marine and cargo bulk transporters, oil and gas vessels, floating production storage and offloading vessels, cruise ships and ferries.
The company’s 51% owned subsidiary, Selatan Bunker (M) Sdn Bhd had in September 2017 entered into a Contract for Services with Tumpuan Megah Development Sdn Bhd to provide bunkering and related services for no less than RM45mil value.
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