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Bintulu Port registers RM488.77 million operating revenue

Posted on: April 29, 2009

Bernama – Wednesday, April 29

KUCHING, April 28 (Bernama) — The economic slowdown has yet to affect the financial position of Bintulu Port Holdings Bhd, which recorded an operating revenue of RM448.77 million for the financial year ended Dec 31, 2008, its group chairman Tun Mohd Eusoff Chin said today.

He attributed the revenue increase by RM31.60 million compared with the previous year’s operating revenue of RM417.17 million, to a rise in the port’s handlings of Liquefied Natural Gas (LNG), crude oil, petroleum products, palm oil, liquefied petroluem gas (LPG), logs and containers.

“Revenue from the bulking services through our wholly owned subsidiary, Biport Bulkers Sdn Bhd, also contributed positively,” he told reporters after chairing the company’s annual general meeting here.

He said the non-operating revenue was RM21.22 million compared with RM21.62 million in 2007, indicating a decrease of RM0.40 million, which resulted in a total revenue of RM469.98 million for the year from RM438.79 million in 2007.

The group’s pre-tax profit rose to RM205.88 million from RM189.19 million previously while shareholders’ fund stood at RM881.03 million, with net tangible asset at RM2.20 per share and basic earnings per share at 37.65 sen.

On its operational performance, Eusoff Chin said the group through its subsidiary Bintulu Port Sdn Bhd (BPSB) had registered total cargo throughput of 40.47 million compared with 38.58 million in 2007, with LNG remaining its main contributor registering a total of 22.68 million tonnes or about 56.05 percent.

The others are containerised cargo (10.64 percent), crude oil (9.98 percent), palm oil products (4.80 percent), petroleum products (3.37 percent), logs (2.64 percent), plywood (2.07 percent), sawn timber (1.35 percent), LNG (1.08 percent) and urea (1.20 percent).

On the 15.24 percent growth in container volume to 290,167 TEUs last year from 251,800 TEUs in 2007, he said, it was largely attributed to the increase in transshipment volume during the first half of last year.

“Shippers and exporters in Sibu started to export plywood and particle board to Bangkok via our port,” he said.

There was increase in the conversion of break bulk cargoes, especially plywood, veneer and sawn timber to containerised cargoes, he said, adding that during the same period, it maintained 15 container shipping lines.

He said Biport Bulkers, which specialises in providing storage and bulking services, also recorded a remarkable increase of 292 percent in the handling of palm oil products from 388,976 metric tonnes in 2007 to 1,528,436 metric tonnes due to the utilisation of facilities by two major customers effective April last year.

“The current capacity of 26 storage tanks is 39,050 metric tonnes and with the completion of additional 24 tanks, the total capacity is expected to increase to 75,110 metric tonnes at any one time,” he said.

As part of the strategy to boost revenue, he said another 10 storage tanks with 26,000 metric tonnes capacity would be constructed in due time.– BERNAMA



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