Bintulu Port's 1Q net profit rises to RM41.06 million

Bintulu Port's 1Q net profit rises to RM41.06 million
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KUALA LUMPUR (May 27): Bintulu Port Holdings Bhd's net profit went up to RM41.06 million in the first quarter ended March 31, 2022 (1QFY22) from RM24.7 million a year ago amid improved performance of port and bulking service business.

Revenue increased to RM198.11 million from RM184.8 million, it said in a filing with Bursa Malaysia on Friday.

It said the revenue recorded from the services at Bintulu Port expanded to RM146.41 million from RM142.46 million achieved in 1QFY21.

Meanwhile, the revenue generated from the operation at Samalaju Industrial Port rose to RM41.9 million from RM32.64 million previously.

The revenue from bulking facilities increased to RM9.79 million against RM9.7 million in 1QFY21.

This year, the group expects to see positive momentum in cargo throughput from liquefied natural gas, palm oil, container, and dry bulk sectors due to the relaxation in the standard operating procedures relating to Covid-19 in most countries.

The expectation is also based on the assumption that the global economy continues to gradually recover from the effects of the pandemic.

"Despite this, Bintulu Port will continue to be vigilant with the current situation arising from the Russia-Ukraine conflict," it added.