Bintulu Port's Q3 net profit drops to RM18.54m

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KUALA LUMPUR: The disruption in LNG supplies and the number of vessels calling at port continue to weigh on Bintulu Port Holdings Bhd's earnings. 

In announcing its financial results for the third quarter ended Sept 30, the group said its net profit had nearly halved to RM18.54mil from RM34.75mil in the previous corresponding quarter on lower revenue achieved.

For the quarter under review, the board of directors declared an interim dividend of two sen per share made payable on Dec 27, 2018.

The group reported total revenue of RM161.97mil, 9.1% lower than in the same quarter in 2017, due mainly to lower contributions from the group's Bintulu port. 

The port posted RM19.33mil lower revenue of RM126.32 over the previous corresponding quarter with revenue generated for the handling of LNG dropping by RM14.18mil. 

Meanwhile, revenue generated at Samalaju Industrial port operations was flattish at RM23mil versus RM22.26mil previously while revenue from bulking facilities stood at RM12.65mil against RM10.17mil a year earlier.

In construction services for concession infrastructure, revenue came in at RM250,000 against RM19.79mil.

"The corresponding cost of construction for concession was also recognized for the quarters under review. This is recognition of revenue and expenditure under IC 12: Service Concession Arrangements," said the group.

Other income recognised in the quarter under review was RM8.16mil compared to RM310,000 in the year-ago quarter. 

For the nine months to Sept 30, the group recorded revenue of RM488.08mil and net profit of RM58.18mil versus RM493.55mil and RM103.14mil in the 2017 period respectively.

In its forecast for 2018, Bintulu Port said the container sector and cargo handled at the Samalaju Industrial Port is expected to contribute positively to revenue growth, "although these are not sufficient to cushion the unforeseen shortfall in the LNG cargo".