Malaysia-listed Straits Inter Logistics Berhad (Straits), the parent of Tumpuan Megah Development Sdn Bhd (Tumpuan Megah), on Friday (12 March) posted a 56% fall in net profit for its financial year (FY) of 2020 “due to the continuous slowdown in the shipping industry following the global lockdown in the early part of the current financial year caused by the COVID- 19 Pandemic”, it said.
SIL recorded net profit of MYR 3.12 million (USD 0.76 million) in FY 2020, compared to MYR 7.1 million in FY 2019, the company stated in its latest filing.
Revenue for FY 2020 totalled MYR 675.31 million, a 1.8% dip from revenue of RM 663.19 million in the financial year before.
During Q4 2020, SIL posted net profit of MYR 0.73 million, a 65% decrease from net profit of 2.05 million for the similar period in the previous year.
The company recorded RM 176.5 million in Q4 2019, a 13.3% fall from revenue of RM 203.56 million in Q4 2019.
“This drop was substantially attributed to the oil trading & bunkering services segment revenue that dropped by MYR 30.5 million but mitigated by MYR 3.2 million generated by the new port management operation in Labuan Liberty Port,” said SIL.
“The increase in revenue in the current quarter by MYR 15.3 million to MYR 176.5 million from MYR 161.2 million achieved in the preceding quarter was mainly attributable to the increase in the revenue of oil trading & bunkering services and vessel management segments by MYR14.5 million and MYR 0.5 million respectively as a result of continuing recovery of the economy from the Covid-19 pandemic.
“The increase in PBT in the current quarter by MYR 1.1 million to MYR 2.4 million compared to the preceding quarter was mainly contributed by improved performance of the oil trading & bunkering services and port management segments by MYR 2.6 million and MYR 0.9 million respectively, sustained by the economic recovery from the COVID- 19 Pandemic.
“However, these improvements were reduced by lower profit contribution of MYR 0.8 million from its associate company, continuing losses of MYR 1.3 million by the inland transportation & logistics segment and year end provision for MYR 0.2 million in its annual corporate expenditure.”
In 2020, SIL acquired tankers MT Veronica, MT MO Satu, to enlarge its asset base and provide it with some flexibility in respect of its allocation and utilisation of vessels in undertaking its business activities.
SIL also recently reported Banle International Holdings Limited (BIH), the holding company of Banle Energy International Limited (BEI), a 38%-associate company of Straits, is seeking to be listed on the GEM market on the Hong Kong Stock Exchange.
Related: Straits Inter Logistics associate Bangle Energy seeks HKSE GEM IPO listing
Related: Straits Inter Logistics welcomes Singapore-listed Avarga as new substantial shareholder
Related: Straits Inter Logistics subsidiary acquires oil tanker ‘MT Guo Kang No 1’ for USD 1.6 million
Related: Straits Inter Logistics plans private placement to increase stake in Tumpuan Megah
Related: Straits Inter Logistics sees 66% decline in net profit; slight recovery in bunker business
Related: Straits Inter Logistics subsidiary SMF Eden acquires “M.T. MO Satu” bunker tanker for USD 4.5 million
Photo credit: Straits Inter Logistics Berhad
Published: 15 March, 2021
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