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Bintulu Port 4Q net profit rises marginally, declares 10 sen dividend

Bintulu Port Holdings Bhd’s net profit rose by 2.2% to RM44.11 million in the fourth quarter ended Dec 31, 2017 (4QFY17), from RM43.16 million a year ago, on contribution from the operation at Samalaju Industrial Port.

Earnings per share was up at 9.59 sen in 4QFY17, from 9.38 sen in 4QFY16. Quarterly revenue also grew 12.1% to RM186.27 million, from RM166.12 million a year ago.

The port operator also declared a final dividend of 6 sen per share and a special dividend of 4 sen per share for the financial year ended Dec 31, 2017 (FY17), subject to the approval of shareholders at the forthcoming annual general meeting.

For the full FY17, the group’s net profit rose 2.3% to RM153.25 million from RM149.84 million a year ago, while revenue increased 16.5% to RM679.82 million from RM583.62 million in FY16.

In a filing with Bursa Malaysia today, Bintulu Port said revenue from the handling of liquefied natural gas (LNG) vessel calls and cargoes in FY17 contributed RM397.11 million as against RM366.86 million in FY16.

“Other cargoes that have contributed to the positive growth in FY17 include bulk fertiliser, palm oil, palm kernel and containerised cargoes. Samalaju Industrial Port has commenced operation of Phase I from June 2017 and has also contributed towards the revenue growth of the group,” it added.

On prospects, Bintulu Port said the handling of cargoes and vessels’ calls that are expected to contribute positively towards this year’s revenue are LNG, palm oil, palm kernel, containerised cargo and cargoes handled at Samalaju Industrial Port.

“The overall performance of 2018 will be affected with the full year recognition of expenditure at Samalaju Industrial Port and should the tariff revision be implemented at Bintulu Port,” it added.

Shares in Bintulu Port were untraded today. It last closed at RM5.90 on Feb 19, bringing a market capitalisation of RM2.71 billion.
Source: The Edge Markets

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