Bintulu Port Holdings Bhd (Bintulu Port) registered higher earnings and turnover for the second quarter of 2014 (2Q14).
The port operator in a filing to Bursa Malaysia yesterday said its net profit for 2Q14 grew 26 per cent year-on-year (y-o-y) to RM30.44 million compared with RM24.09 million in 2Q13.
For the first half of 2014 (1H14) ended June, Bintulu Port said its earnings increased 18 per cent y-o-y to RM71.47 million against RM60.49 million for 1H13.
At the same time, revenue for 2Q14 rose 12.7 per cent y-o-y to RM139.03 million while turnover for 1H14 inched up marginally by 3.8 per cent y-o-y to RM270 million.
Bintulu Port in its notes accompanying the results said revenue generated from port services was RM129.12 million with the revenue from the handling of liquefied natural gas (LNG) vessel calls and cargo contributing RM90.99 million (65.45 per cent) towards the total operating revenue.
The port operator revealed that the number of vessels call for LNG in the second quarter of 2014 was 119 compared with 113 in the previous year corresponding quarter.
In the meantime, Bintulu Port added that its revenue from bulking services contributed RM9.92 million or (7.13 per cent) towards the total operating revenue.
Moreover, Bintulu Port said its revenue from construction services for concession infrastructure of RM54.20 million was recognised in 2Q14 and the corresponding cost of construction for concession services was also recognised.
The port operator explained that the cost of construction for concession services was related to the port’s improvement project at Bintulu Port Sdn Bhd (RM1.20 million) and the port’s development project at Samalaju (RM53.00 million).
Commenting on the port operator’s prospects, Bintulu Port said in 2014, the handling of LNG vessel calls and cargoes will still be Bintulu Port most important revenue contributor.
Looking ahead, the company’s bulking operation is also expected to contribute positively towards the revenue growth.
Besides that, the company said other cargoes that are expected to contribute positively towards the revenue are container, palm oil, project cargoes and alumina. — The Borneo Post