Malaysia's Straits Energy Resources, formerly Straits Inter Logistics, saw its profit from oil trading and bunkering nearly quadruple on the year in the third quarter.
The company saw 743,000 ringgit ($175,235) of pre-tax profit from its oil trading and bunkering services segment in the third quarter, up from 186,000 ringgit in the same period a year earlier. Revenue from the segment more than doubled to 337.7 million ringgit.
Overall profit for the company jumped by 54% on the year to 1.9 million ringgit.
"The increase was substantially attributed to the oil trading & bunkering services segment due to the recovery of the maritime industry and global oil prices compared to the corresponding quarter," the company said in the statement.
