Bintulu Port 3Q earnings jump 33%, declares 4 sen dividend

-A +A

KUALA LUMPUR (Nov 29): Bintulu Port Holdings Bhd's net profit for the third quarter ended Sept 30, 2019 jumped 33% to RM24.69 million from RM18.54 million in the same quarter last year, mainly from handling of liquefied natural gas (LNG) cargoes and vessel calls.

In a filing today, the port operator said its revenue for the quarter rose to RM173.96 million from RM161.97 million a year ago.

Earnings per share for the quarter rose to 5.37 sen from 4.03 sen previously.

Bintulu Port declared an interim dividend of 4 sen per share, to be paid on Dec 27.

For the nine months ended Sept 30, Bintulu Port's net profit surged 45% to RM85.86 million from RM59.18 million in the year-ago period, on the back of higher revenue of RM531.97 million versus RM488.08 million.

Cumulative earnings per share increased to 18.67 sen from 12.87 sen previously.

On its prospects, Bintulu Port said its overall performance is impacted by the seasonal and cyclical factors of the port and bulking industries.

"The handling of LNG cargo and vessel calls remain the main revenue contributor in 2019.

"Other cargoes that are expected to contribute positively towards the operating revenue include palm oil, containerised cargoes and cargoes handled at Samalaju Industrial Port," it said.

At the midday break, Bintulu Port shares settled at RM4.15 for a market capitalisation of RM1.91 billion.