Companies: Bintulu Port *********************** Bintulu Port Holdings Bhd (Bintulu Port) recorded lower than expected results as well as increased operating expense assumptions due to higher petrol prices, leading analysts to trim its forecasts. On a positive note, Samalaju Port’s interim phase is slated for completion by end-2013. Analyst Jerry Lee from RHB Research Institute Sdn Bhd (RHB Research) noted that Bintulu Port’s second quarter 2013 (2Q13) earnings were below estimates as the volume of liquefied natural gas (LNG) and bulking services at its port declined. “Nonetheless, we expect to see its LNG volume pick up as the winter season approaches in many countries in the Northern Hemisphere, which may help spur demand for LNG. Development in Samalaju Industrial Park (SIP) may also keep the port busy before the completion of Samalaju Port,” Lee stated. The construction of the interim phase of Samalaju Port is now nearing completion. It is expected commence operations by end-2013. The port is set to be the main growth driver for Bintulu Port upon the completion of its Phase 1, which is targeted for 2Q16. “This reaffirms our bullish view on SIP, the main growth driver of the Samalaju node in the Sarawak Corridor of Renewable Energy (SCORE). “We had earlier revised Bintulu Port’s earnings downwards, in accordance with its guidance that FY13 earnings will likely be lower this year due to higher costs incurred by Samalaju Port. “Following the recent hike in petrol prices, we are trimming our earnings further by 3.4 per cent to3.6 per cent for FY13F and FY14F respectively. Fuel costs account for around five per cent of its total operating costs.” Read more: theborneopost/2013/09/26/lower-fy13-earnings-likely-for-bintulu-port/#ixzz2fxFnPIjf
Posted on: Thu, 26 Sep 2013 00:38:49 +0000
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