KUALA LUMPUR (Aug 25): Bintulu Port Holdings Bhd posted a 6.5% rise in net profit to RM23.75 million in the second quarter ended June 30, 2023 (2QFY2023) from RM22.29 million a year earlier, on lower depreciation and amortisation, as well as operating costs. This is despite a 9.19% year-on-year reduction in revenue in 2QFY2023. 

In a filing with Bursa Malaysia on Friday (Aug 25), the port operator said it recorded RM176.32 million in revenue for the quarter, down from RM194.16 million in 2QFY2022, due to lower revenue from liquefied natural gas (LNG) handling and vessel services for Darussalam Pilotage Services (DPS).

Revenue from the operation of Samalaju Industrial Port dropped to RM34.55 million, from RM39.46 million previously.

Bintulu Port declared a second interim dividend of three sen per share, payable on Oct 5. 

For the cumulative six months ended June 30, 2023 (1HFY2023), the group’s net profit declined by 27% to RM46.23 million from RM63.36 million a year earlier, while revenue slipped 7.15% to RM364.22 million from RM392.27 million in that same period. 

Bintulu Port said it remains cautious on its prospects due to the downside risk arising from lower exports caused by weaker external demand.

Nevertheless, the group expects LNG cargo handling to contribute positively to its revenue, supported by the handling of palm oil and Samalaju cargoes. 

Bintulu Port shares were last traded at RM5.15 on Wednesday, with a market value of RM2.37 billion.