KUALA LUMPUR (May 29): Bintulu Port Holdings Bhd saw its net profit fall 13.5% to RM35.48 million or 7.71 sen per share in the first quarter ended March 31, 2015 (1QFY15) from RM41.03 million or 8.92 sen per share a year ago on higher amortisation of intangible assets and depreciation expenses.

Revenue rose 2% to RM133.65 million from RM131.06 million in 1QFY14. The cargo contributing to the increase in revenue include liquefied natural gas (LNG) and dry bulk cargo namely bulk fertiliser and alumina.

The port operator also declared a first interim dividend of 6 sen per share for the financial year ending Dec 31, 2015 (FY15), amounting to RM27.6 million and payable on Aug 11, 2015.

In a filing with Bursa Malaysia today, Bintulu Port (fundamental: 2.3; valuation: 1.1) said its expenditure for 1QFY15 of RM90.7 million was higher by RM7.5 million compared with RM83.2 million in 1QFY14, mainly due to the amortisation of intangible assets and depreciation expenses recognised since second half of 2014.

on this year's prospects, Bintulu Port said the market is expected to be soft, but LNG vessel calls and cargo will still remain as the main revenue contributor to Bintulu Port and will help to cushion any cyclicality in the market.

The stock closed 9 sen or 1.3% higher at RM7 today, bringing a market capitalisation of RM3.18 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)