Bintulu Port's 2Q earnings pulled lower by MLNG shutdown, higher expenditure

KUALA LUMPUR: A planned shutdown at Malaysia LNG for maintenance dragged on Bintulu Port Holdings Bhd's revenue in the second quarter of 2025.

In its announcement to the stock exchange, the port operator said net profit in 2QFY25 was RM34.74mil, down from RM39.85mil, while revenue slipped to RM194.82mil from RM196.9mil previously.

During the quarter, revenue from port services at Bintulu Port dropped to RM136.78mil, down from RM145.98mil in 2Q24 due to the MLNG shutdown.

Meanwhile, revenue from the group's Samalaju Industrial Port rose RM6.95mil to RM47.76mil in 2QFY25.

Revenue from the group's bulking facilities increased slightly to RM10.28mil in 2QFY25 from RM10.11mil in the year-ago quarter.

Bintulu Port also announced a higher quarterly expenditure of RM166.82mil as compared to RM160.16mil in 2QFY24, mainly due to manpower and administration cost.

Over the six-month period to June 30, 2025, Bintulu Port recorded a net profit of RM63.12mil as compared to RM84.55mil in 1HFY24, while revenue dropped to RM396.53mil from RM405.57mil in the comparative period.

The board of directors declared a second interim dividend of three sen per share, with ex date on Sept 23, 2025, and payable on Oct 8, 2025.

On the group's prospects, it shared that LNG will remain its main revenue contributor despite the shutdown at MLNG.

"The group envisaged the number of vessel calls and cargo volume for LNG will improve in the 2nd half of 2025.

"Other than this, there are positive growth from the vessel calling for Methanol cargo and the Samalaju project cargoes," it said.