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Bintulu port Q3 profit falls 16% to $6.7m

Bintulu port Q3 profit falls 16% to $6.7m
Bintulu Port Holdings' third quarter net profit fell 16% to MYR29.3m ($6.7m) from MYR34.7m a year earlier as revenue slipped 2% to MYR130.8m from MYR133.4m prevously. 

The Sarawak-based port operator said in a stock market announcement that the decrease in revenue was mainly from general cargo and container segments.

Looking ahead, Bintulu Port said the group’s performance in 2015 continues to be affected by softness in the liquefied natural gas (LNG) market, containerised cargo and timber-based products.

“However, the revenue from dry bulk sector and palm oil is expected to contribute positively towards the performance of the group,” it said.

Bintulu Ports two largest shareholders are state-owned entities; national oil company Petronas and State Financial Secretary Sarawak Inc.

TAGS: Ports Malaysia