KUALA LUMPUR (May 25): Bintulu Port Holdings Bhd's net profit for the first quarter ended March 31, 2018 (1QFY18) fell 38.32% to RM31.20 million, from RM50.59 million a year earlier, due to lower revenue generated for handling of LNG and palm oil.

In a filing with Bursa Malaysia, Bintulu Port said its revenue for the quarter rose to RM167.16 million, from RM161.05 million.

Earnings per share was 6.78 sen, compared with 11 sen previously.

The port operator declared a first interim dividend of 4 sen per share.

On its prospects, Bintulu Port said the handling of LNG cargoes and vessel calls is expected to be lower in 2018, due to an unexpected drop in LNG volume.

“However, the handling of LNG will still be the main revenue contributor in 2018.

“Other cargoes that are expected to contribute positively towards 2018 performance include container, palm oil, palm kernel, alumina and ferroalloy cargoes,” it said.