KUALA LUMPUR (May 20): Sabah-based Suria Capital Holdings Bhd saw its net profit decline 32.8% to RM10.54 million for the first quarter ended March 31, 2020 (1QFY20), from RM15.68 million a year ago, on lower revenue from operations and higher other expenses for the quarter under review.

This resulted in lower earnings per share (EPS) of 3.05 sen for 1QFY20, compared with 4.54 sen for 1QFY19.

Quarterly revenue also fell 17.9% to RM56.94 million, from RM69.33 million for 1QFY19.

The port operator attributed the lower 1QFY20 revenue to lower contributions from the port operations segment, from both its operations as well as construction services for concession infrastructure.

In a bourse filing today, Suria Capital said its ports’ operating revenue for the quarter came in lower by 13% year-on-year (y-o-y) at RM54.4 million.
 
On prospects, Suria Capital anticipated that the business environment would be to be very challenging in 2020 in view of the uncertain economic outlook following the spread of the Covid-19 pandemic to most countries around the world.

"The board is positive that the port operations, being the core business of the group and categorised as an essential service under the movement control order (MCO), will be able to withstand the challenges and continue to remain resilient to contribute positive results for the group for the financial year ending Dec 31, 2020 (FY20)," it added.

The port operations segment contributed 95% and 71% of the group’s revenue and pre-tax profit for 1QFY20 respectively.

Shares in Suria Capital closed unchanged at 98.5 sen today, valuing it at RM340.63 million. It saw 647,100 shares traded.