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Borneo Post
04-06-2025
- Business
- Borneo Post
Bintulu Port's 1QFY25 CNP falls 37 per cent y-o-y, disappoints analyst expectations
Analysts guide that Bintulu Port's negative variance was largely due to weaker-than-expected LNG cargo volume due to technical difficulties at the MLNG complex. KUCHING (June 4): Bintulu Port Holdings Bhd's (Bintulu Port) first quarter of financial year 2025 (1QFY25) core net profit (CNP) has fallen by 37 per cent year on year (y-o-y) to RM28.4 million, disappointing analyst expectations. In a results note, the research arm of Kenanga Investment Bank Bhd (Kenanga Research) reported that the group's 1QFY25 results were below expectations as it met only 19 per cent and 18 per cent of theirs and consensus' full-year estimates. They guided that the negative variance was largely due to weaker-than-expected LNG cargo volume due to technical difficulties at the MLNG complex. 'Note that, there was a scheduled major maintenance plant shutdown from April 30 to May 29 at the Petronas MLNG complex which we expect to have severely impacted its 2QFY25 performance,' said the research arm. The technical difficulties caused the group's Bintulu Port to see a two per cent y-o-y drop in revenue while its Samalaju Industrial Port fell by 9 per cent drop due to weaker cargo volume from key customers like Press Metal Holdings Bhd (PMetal) and OMH Ltd (OMH). Its LNG cargo volume was 3.4 per cent y-o-y weaker while its non-LNG grew at a flattish 0.5 per cent as aluminium exports shifted from containers to bulk shipments as well as weaker gateways cargoes from heavy industries in Samalaju Industrial Park due to high ocean freight rates caused by the red sea crisis. Overall, the group's 1QFY25 revenue fell three per cent y-o-y while its CNP fell at a wider 37 per cent as it was exacerbated by a higher effective tax rate of 38.3 per cent compared to 22.7 per cent a year ago. Kenanga Research added that Bintulu Port's declared interim NDPS of 3 sen was also below expectations as it was lower than the 4 sen declared back in 1QFY24. Despite the missed expectations, Kenanga Research believed that the LNG cargo throughput at Bintulu Port will remains table with sustained demand from Japan and South Korea, and stronger demand from China thanks to trade diversion. 'Meanwhile, there has been a pick-up in inbound and outbound cargo volumes at Samalaju Industrial Port from its key customers, such as Press Metal and OM Holdings,' they added. To reflect new lower adjusted forecasts, Kenanga Research maintained their 'market perform' call on the port operator with a lowered sum-of-parts derived target price of RM5.15 which is based on a weighted average cost of capital of 5.5 per cent and terminal growth rate of two per cent. Bintulu Port Holdings Bhd
New Straits Times
29-05-2025
- Business
- New Straits Times
Hektar Reit posts 8.9pct higher income in Q1
KUALA LUMPUR: Hektar Real Estate Investment Trust (Hektar Reit) posted RM30.9 million revenue in the first quarter of financial year 2025 (Q1 FY25), up 8.9 per cent from RM28.4 million a year earlier. This was driven by income contributions from the newly-acquired Kolej Yayasan Saad (KYS) education asset and improved performance from Hektar Reit's retail properties. Its net property income rose 4.4 per cent to RM15 million, while net realised income stood at RM4.2 million, lower than the RM5.1 million in the same quarter last year. This was due to the absence of one-off fund placement income recognised in prior period and slightly higher administrative and financing expenses. In line with its environmental, social and governance (ESG) ambitions, Hektar Reit partnered with Samaiden Group Bhd to implement solar project at five of its shopping centres. The initiative is projected to deliver long-term energy cost savings of about RM2.05 million annually or RM41.3 million over 20 years. The Reit's manager Hektar Asset Management Sdn Bhd, said in a statement that a comprehensive asset enhancement initiative is underway at Subang Parade, with the first phase of interior upgrades targeted for completion by the first quarter of 2026. Hektar Asset executive director and chief executive officer Zainal Iskandar said the positive start to the Reit's financial year is encouraging, supported by the strategic diversification of portfolio and prudent cost management. "Our retail assets are now consistently recording positive rental reversions, while our education asset continues to provide consistent income. "These results reflect our continued discipline in maintaining stable returns and strengthening the resilience of our portfolio," he added, The company remains optimistic on the value enhancements to be generated by its retail assets upon completion of asset enhancement initiatives and strategic leasing initiatives. It noted that early gains are already seen in elevated occupancy rate which currently stands at 85.6 per cent, positive rental reversions and higher footfall, boosting yields across Hektar malls. It added that the acquisition of a 15-year master-leased industrial asset in Bayan Lepas Free Industrial Zone is progressing as planned and is poised to further diversify and strengthen the Reit's income profile. Hektar Reit's total assets stood at RM1.44 billion as at March 31, 2025, while the net asset value per unit was RM1.0396. Hektar Reit's portfolio of diversified properties includes Subang Parade in Selangor, Mahkota Parade and Kolej Yayasan Saad in Melaka, Wetex Parade & Classic Hotel and Segamat Central in Johor, as well as Central Square and Kulim Central in Kedah.
