Straits Energy is taking a growing share of the Malaysian bunker market. File Image / Pixabay
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.