Bintulu Port records increase in pre-tax profit for 1Q16
27 May 2016
KUCHING: Bintulu Port Holdings Bhd (Bintulu Port) registered a profit before tax (PBT) amounting to RM54.07 million in the first quarter of 2016 (1Q16), higher compared to RM50.31 million achieved in the preceding quarter.
In an unaudited filing to Bursa Malaysia, the group reported that its operating revenue was lower by RM9.13 million from RM151.03 million achieved in 4Q15 to RM141.90 million in 1Q16.
It added, there were lower revenue recorded from the handling of LNG, palm kernel, container and silica quartz.
Meanwhile, revenue from its construction services on concession infrastructure was recognised in 1Q16 at RM150.38 million.
The corresponding cost of construction were also recognised. These mainly relate to the port’s development project at Samalaju Industrial Port, Bintulu Port noted.
Aside from that, it said expenses during the quarter under review was lower by RM6.46 million from RM103.68 million in 4Q15 to RM97.22 million in 1Q16. This was mainly due to lower direct operating cost and administration cost incurred in 1Q16.
Looking ahead, Bintulu Port commented that the economic environment for 2016 would still be another challenging year for the group.
“Despite this, the group expects to maintain its performance in 2016. The handling of LNG vessel and cargoes will still be Bintulu Port’s most important revenue contributor.
“Other cargoes that are expected to contribute positively towards the revenue are palm oil, container, bulk fertiliser and alumina,” it said.
Source: The Borneo Post