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Malaysia: Suria Group registers ‘low volume’ for bunkering in Q2

23 Aug 2018

Malaysia-listed and Sabah-based port operator, logistics and bunkering services provider Suria Capital Holdings (Suria Group), which manages Sabah Ports, posted a 2.9% increase in net profit on year for the quarter ended 30 June (Q2) of 2018.

It ended Q2 2018 with net profit of RM 15.2 million (USD $3.71 million), an increase from net profit of RM 14.8 million in Q2 2017, according to its financial report.

Revenue was RM 96.2 million in Q2 2018, a 32.7% increase from RM 72.5 million in Q2 2017.

The company’s logistics and bunkering services segment, which deals with the provisions of bunkering and related services, recorded revenue of RM 1.8 million in Q2 2018, about 10% down from revenue of RM 2.0 million in the similar quarter during 2017.

The similar segment’s results for Q2 2018 was a loss of RM 95,000, 63.8% more than loss of RM 58,000 seen in Q2 2017.

“For the current quarter and year-to-date, the logistics and bunkering services segment has given minimum contribution to the group’s revenue and registered a loss before tax,” notes Suria Group.

“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.”

Related: Malaysia port, logistics, bunker player in Q2 rising profit
RelatedSatria Logistics: Lower bunker sales in FY 2017
RelatedSabah Ports enter bunkering agreement with local supplier

Photo credit: Sabah Ports Sdn Bhd
Published: 23 August, 2018

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