Malaysia-listed port operator Bintulu Port Holdings’ profit for the second quarter of 2015 dropped 31% year on year (y/y) to MYR20.8 million (USD4.9 million), while its revenue dropped 5% y/y to MYR131.9 million.
The company’s revenue of MYR60.38 million from construction services for concession infrastructure – Bintulu (MYR4.7 million) and Samalaju (MYR55.68 million) – was recognised in the second quarter.
Bintulu Port Holdings incurred MY105.56 million in costs for the same period, up 9% y/y, because of lease concession assets amortisation and depreciating expenses for assets capitalised since second half of 2014.
“Although there is an increase in the dry bulk cargoes, the market is expected to be challenging in 2015 because of the softness in LNG cargo, containerised cargo, and timber-based products,” commented Bintulu Port Holdings in its filing to Bursa Malaysia.
According to IHS Maritime’s Sea-web.com data, Bintulu Port Holdings has completed the construction of eight trains at Petronas’ LNG Complex, while the ninth train is currently under construction. The work is scheduled to be done by 2015, and the total capacity is expected to reach approximately 29.3 million tonnes per annum in early 2016.
The company has also identified new projects to be implemented over the next five years, namely the conversion of a 300 m general cargo wharf for container operations; development of a 300 m bulk fertilisers wharf, a 400 m general cargo wharf, and a supply base terminal at Second Inner Harbour; as well as a 150 m barge berth at the edible oil terminal.