KUALA LUMPUR (Nov 30): Bintulu Port Holdings Bhd saw its net profit fall 18.72% to RM21.76 million or 4.73 sen per share in the third quarter ended Sept 30, 2021 (3QFY21), from RM26.77 million or 5.82 sen per share a year ago, on lower revenue recorded by its Bintulu Port and bulking facilities, coupled with higher expenditure costs incurred.

Revenue for the quarter declined 3.3% year-on-year to RM172.18 million from RM178.05 million.

The revenue from port services at Bintulu Port was lower at RM125.01 million in 3QFY21, compared with RM137.85 million achieved a year earlier.

Its bulking facilities also recorded lower revenue of RM11.75 million for 3QFY21 against RM12.99 million in 3QFY20.

It added that higher expenditure of RM154.55 million was incurred in 3QFY21, an increase of RM4.75 million compared with RM149.8 million recorded a year earlier, mainly due to the timing of expenditure being incurred on repair and maintenance of port facilities and infrastructures, additional amortization on the lease of liquefied petroleum gas (LPG) jetty and recognition of depreciation of right of use assets on new charter hire of vessels.  

Notwithstanding that, it said the impact was cushioned by a higher revenue generated from Samalaju Industrial Port as it generated a revenue of RM35.42 million for 3QFY21 against RM27.21 million a year ago.

Amid lower quarterly earnings, the group declared a lower third interim dividend of three sen per share, compared to four sen a year before. The dividend’s ex date falls on Dec 14, while payment date is Dec 28.

This brings the year-to-date dividend payout to nine sen per share, versus eight sen last year.

For the cumulative nine months ended Sept 30, 2021 (9MFY21), its net profit dropped 3% to RM66.38 million from RM68.43 million a year ago. Revenue, however, inched up 3.49% to RM539.09 million from RM520.9 million in the previous January-to-September period.

On its prospects, the group is cautiously optimistic of its performance this year amid improving import and export trades situation, following the reopening of the economic sectors globally and within Malaysia.

“Revenue from LNG (liquefied natural gas) will remain as the main revenue contributor during the year under review. The group also expects growth from containerized cargoes and cargoes from Samalaju operations,” it added.

Shares of Bintulu Port were traded unchanged at RM4.70 at noon break, for a market capitalisation of RM2.16 billion.