Malaysia's Bintulu Port books 2.7 pct rise in H1 pre-tax profit

Bintulu Port Holdings Berhad has recorded pre-tax profit of RM113.502 million (US$33.3 million) for the first six months of 2008, up 2.7 per cent from the same period last year despite an increase in operating expenditure. Revenue increased 8.1 per cent to RM228.374 million from RM211.187 million previously, it said in a filing to Bursa Malaysia on Aug 29.  Earnings per share edged up to 20.96 sen from 20.27 sen last year.
For the second quarter, Bintulu Port booked pre-tax profit of RM46.068 million, 12.6 per cent lower than RM52.708 million last year.
Revenue rose 6.0 per cent to RM110.347 million from RM104.146 million due to handling of petroleum products, palm oil, general cargo, containers and bulking services.
Bintulu Port said operating expenditure has increased by RM13.0 million in the second quarter following an increase in diesel fuel cost, stevedoring, insurance premium and manpower cost.
Its board expects the group to achieve satisfactory results for the 2008 financial year.
"Revenue from handling of LNG vessel calls and cargoes will continue to be the main contributor to the group's earnings," Bintulu Port said.
Other cargoes that will positively contribute to the group's earnings are palm oil, bulk fertiliser, petroleum products and container.
It said revenue from bulking services is also expected to contribute positively towards the group's earnings.