Malaysia-listed port operator, logistics and bunkering services provider Suria Capital Holdings (Suria Group) recorded a 9.2% increase in profits in the quarter ended 31 May March 2018 (Q1 2018) due to an increase in cargo traffic and the start of port construction operations.
The Sabah-based group, which manages Sabah Ports, recorded net profit of RM 14.28 million in Q1 2018, higher than net profit of RM 13.08 million in the similar quarter last year.
Revenue in Q1 2018 was RM 127.27 million during Q1 2018, about 116% higher than revenue of RM 58.72 million in Q1 2017.
The increase in revenue was mainly attributable to port operations related construction services amounting to RM 64.4 million, and higher operating revenue due to higher cargo and containers throughput handled in Q1 2018, it notes.
Meanwhile, the group noted its logistics and bunkering services segment contributing to 1%, or RM 1.964 million in Q1 2018, compared to RM 2.058 million in Q1 2017.
The segment posted a loss in operations of RM 166,000 during Q1 2018, against loss of RM 112,000 in the similar quarter last year.
“Although low volume was registered for the supply of fuel, the company will continue to support the ports business in logistics handling, fresh water supply, shipping agency services as well as the collection of waste oil and marine garbage disposal,” it says.
S.P. Satria Logistics is the logistics and bunkering services subsidiary of Suria Group.
Related: Satria Logistics: Lower bunker sales in FY 2017
Related: Sabah Ports enter bunkering agreement with local supplier
Photo credit: Sabah Ports Sdn Bhd
Published: 28 May, 2018
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