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For The First Quarter Ended 30 June 2010

Unaudited Condensed Consolidated Income Statements


(The Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2009 and the accompanying explanatory notes attached to the interim financial statements).

Unaudited Condensed Consolidated Balance Sheet


(The Condensed Consolidated Statement of Financial Position should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2009 and the accompanying explanatory notes attached to the interim financial statements).

Performance Review

The Group's revenue for the current quarter amounted to RM227.8 million, which is 13.5% higher than the corresponding comparative quarter's figure of RM200.7 million. The port operating subsidiary contributed RM177.0 million while the haulage/logistics subsidiary contributed RM50.8 million. The year-to-date revenue of the Group amounted to RM437.1 million, an increase of 12.5% compared to the corresponding period of RM388.5 million. The increase in revenue for the current quarter was mainly due to increased business volume undertaken by the port operating subsidiary.

Northport achieved a throughput during the current quarter of 879,610 TEUs reflecting an increase of 29.6% as compared to the corresponding period last year of 678,929 TEUs. The year-to-date throughput achieved is 1,659,477 TEUs representing an increase of 27.7% compared against the corresponding period last year of 1,299,562 TEUs.

As for the haulage division in the haulage/logistics subsidiary the total volume handled during the quarter is 59,783 TEUs which is a decrease of 11.2% as compared to the figure for the corresponding quarter in 2009 of 67,328 TEUs. The year-to-date volume achieved is 121,688 TEUs representing a decrease of 4.2% compared to the figure for the corresponding period last year of 126,959 TEUs.

For the second quarter under review, the increase in the volume handled at Northport was recorded in all categories i.e. import, export and transshipment. The increase in business was mainly due to improved business volume from customers due to the recovery of economy.

There have been no other material factors affecting the earnings and/or revenue of the Group for the current quarter.

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