Bintulu Port 2Q net profit more than halves on lower revenue and higher expenditure, declares lower dividend of two sen

TheEdge Fri, Aug 28, 2020 03:56pm - 3 years View Original


KUALA LUMPUR (Aug 28): Bintulu Port Holdings Bhd saw its net profit for the second quarter ended June 30, 2020 (2QFY20) more than halve to RM10.59 million or 2.3 sen earnings per share from RM21.67 million or 4.71 sen earnings per share a year earlier, due to lower revenue recorded by its Bintulu Port as well as higher expenditure costs incurred.

Revenue fell 8.06% to RM165.15 million from RM179.63 million achieved in the preceding financial year's corresponding quarter, the group's filing with Bursa Malaysia showed.

The revenue from port services at Bintulu Port of RM125.27 million for 2QFY20 was RM14.77 million lower compared with RM140.04 million achieved a year earlier, attributed mainly to lower vessel calls and volume of cargoes handled for liquefied natural gas.

At Samalaju Industrial Port, revenue generated from the operation in 2QFY20 was RM28.06 million, slightly lower that the RM28.87 million recorded for the corresponding quarter in the previous financial year.

It added that the higher expenditure of RM159.9 million incurred in 2QFY20, higher by RM4.24 million compared with RM155.66 million recorded a year earlier, was mainly due to a recognition of depreciation of right of use asset under Malaysian Financial Reporting Standard 16: Leases for a new lease at the Bintulu Port Sdn Bhd.

However, the impact was cushioned by a higher revenue generated from bulking facilities, which came in at RM11.82 million for 2QFY20 against RM10.72 million in 2QFY19.

On a quarter-to-quarter basis, its revenue dipped 7.07% versus the immediate preceding quarter at RM177.71 million, while net profit was 66% lower from RM31.07 million.

Nonetheless, the group has declared a first and final single-tier dividend of two sen per share, with the payment date to be announced later. This was 50% lower compared with the dividend of four sen per share declared in the same period of last year.

For its cumulative six-month period ended June 30, 2020, its net profit shed 31.89% to RM41.66 million from RM61.17 million a year ago, while revenue sank 4.23% to RM342.86 million from RM358 million.

At the time of writing, the counter was unchanged at RM3.95, after 3,000 shares were done. At this price, it has a market capitalisation of RM1.82 billion. For the past one year, the counter has been trading between RM3.27 and RM4.98.

Edited  by Joyce Goh

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