KUALA LUMPUR (Nov 28): Straits Inter Logistics Bhd reported a 60.7% jump in net profit to RM1 million for its third financial quarter ended Sept 30, 2018 (3QFY18), against RM631,000 a year ago, on the back of improvement in revenue and profit margins.

Revenue more than doubled to RM69.39 million from RM32.96 million in 3QFY17, owing to higher demand for marine gas oil.

For the full nine months (9MFY18), net profit grew 29.3% to RM2.33 million from RM1.8 million in the same period last year. This was on the back of a 81% jump in revenue to RM150 million, from RM82.86 million a year ago.

On its prospects, the group said with completion of the acquisition of a 55% equity interest in Tumpuan Megah Development Sdn Bhd on Sept 28, 2018, the group is poised to grow further with an enlarged fleet size of nine vessels, compared with two vessels prior to the acquisition.

The total litreage capacity of the enlarged fleet has leapt substantially to 12 million litres from 1 million litres. In addition, given the wider infrastructure of suppliers and customers, Straits will be able to expand its geographical coverage to capture the growing opportunities in the oil bunkering industry in Malaysia and Asia.

Straits closed unchanged at 23 sen today for a market capitalisation of RM128 million.