Friday, August 27, 2010

Bintulu Port 2Q net profit surges 71.7% to RM33.34m

KUALA LUMPUR: BINTULU PORT HOLDINGS BHD []'s net profit for the second quarter ended June 30, 2010 jumped 71.7% to RM33.34 million from RM19.42 million a year ago, on the back of lower expenditure during the period.

Earnings per share was 8.34 sen, while net assets per share was RM2.07.

The company declared at second interim single tier dividend of 7.50 sen per share, amounting to RM30 million in respect of the financial year ending Dec 31, 2010.

For the six months ended June 30, Bintulu Port's net profit rose to RM74.08 million from RM67.48 million a year earlier, while revenue rose to RM225.42 million from RM218.99 million.

In a filing to Bursa Malaysia Securities, the company said revenue from the handling of LNG vessel calls and cargoes will continue to be the main contributor to its earnings in 2010.

"A positive growth is also expected from the bulking services operations and from the handling of cargoes and vessel calls for palm oil, palm kernel, alumina, general cargo and container.

"Barring unforeseen circumstances, the board expects the performance of the group for the year 2010 to be better than 2009," it said.

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