PETALING JAYA: Bintulu Port Holdings Bhd’s net profit for the third quarter ended Sept 30, 2018 fell 46.65% to RM18.54 million from RM34.75 million a year ago on the back of lower revenue.
Revenue for the quarter fell 9.10% to RM161.97 million from RM178.19 million a year ago.
In a filing with Bursa Malaysia, the group said Bintulu Port recorded a lower revenue of RM126.32 million during the quarter compared with RM145.76 million a year ago while revenue generated for handling of liquefied natural gas (LNG) was lower by RM14.18 million.
The revenue generated from the operation at Samalaju Industrial Port was slightly higher at RM23 million during the quarter compared with RM22.26 million a year ago while revenue from bulking facilities stood at RM12.65 million compared with RM10.17 million a year ago.
Other income recognised during the quarter of RM8.16 million was higher compared with RM310,000 a year ago.
The RM8.16 million includes dividend income from unit trust investment of RM2.69 million and RM4.94 million gain arising from reduction in contractual obligation on lease of LPG Jetty at BPSB starting from Q2 2017 until the end of concession in 2022.
Revenue from construction services for concession infrastructure of RM250,000 million was recognised during the quarter, compared with RM19.79 million recognised a year ago.
“The corresponding cost of construction for concession was also recognised for the quarters under review. This is recognition of revenue and expenditure under IC 12: Service Concession Arrangements,” it said.
During the quarter, expenditure was higher at RM120 million compared with RM113.32 million a year ago, due to higher manpower cost and direct operating expenses following the full operation of Phase 1 of Samalaju Industrial Port Sdn Bhd.
For the nine months ended Sept 30, 2018, net profit fell 42.62% to RM59.18 million from RM103.14 million a year ago while revenue fell 1.11% to RM488.08 million from RM493.55 million a year ago.
The group recommended a third interim single tier dividend of 2 sen per share amounting to RM9.2 million in respect of the financial year ending Dec 31, 2018 (FY18). The total interim single tier dividend for FY18 is 8 sen per share.
The group said its performance for 2018 is still impacted by the disruption in LNG supplies, which has led to the reduction in the number of vessels calling at the port.
“The container sector is expected to show positive growth during the year under review. The cargoes handled at Samalaju is also expected to contribute positively towards revenue growth in 2018,” it said.
“Although positive growth is expected from the handling of container and Samalaju cargoes, these are not sufficient to cushion the unforeseen shortfall in the LNG cargo,” it cautioned.
