KUALA LUMPUR: Bintulu Port Holdings Bhd’s net profit declined to RM31.06 million in the first quarter ended March 31, 2020 (Q1 2020), from RM39.49 million in the same quarter a year earlier.
Revenue for the quarter eased to RM177.70 million from RM178.38 million previously, it said in a filing with Bursa Malaysia today.
The revenue from port services at Bintulu Port rose to RM142.48 million in Q1 2020 from RM140.80 million in Q1 2019, mainly due to the higher revenue from base support facilities and miscellaneous services.
It said revenue generated from Samalaju Industrial Port operations declined to RM25.85 million from RM26.05 million recorded in Q1 2019, while the revenue from bulking facilities also eased to RM9.38 million from RM11.53 million previously.
On prospects, it said the handling of cargoes as well as vessel calls for liquefied natural gas (LNG) would remain as main revenue contributors in 2020.
However, based on its initial assessment on the impact from the COVID-19 pandemic, the company is anticipating a reduction in palm oil volume due to the lockdown in India and low palm oil yield, as well as a slight reduction in the demand for LNG cargo.
Bintulu Port said it is also expecting a slower growth for dry bulk and break bulk cargoes such as fertilisers and construction materials.
Even though container volume showed positive growth in Q1 2020 compared to Q1 2019, Bintulu Port expects that the container volume for 2020 would be affected by the logistic supply chain disruption due to COVID-19 pandemic. -Bernama