The company is based in Malaysia. File Image / Pixabay
Malaysia's Straits Energy Resources -- formerly known as Straits Inter Logistics -- has reported a 13.1% increase on the year in its second-quarter profits from bunkering resulting from the recovery in oil prices.
The company's oil trading and bunkering segment saw a 1.5 million ringgit ($370,000) pre-tax profit in the second quarter, up from 1.4 million ringgit in the same period a year earlier, it said in an exchange filing on Monday.
The gains came "due to the recovery of the maritime industry and global oil price compared to the corresponding quarter [of 2020] where the country was under a stricter movement control order," the company said in the statement.
But the company's bunkering profit slipped from 3.8 million ringgit in the first quarter of this year.
That quarterly decline "was due to lower margin from the oil trading and bunkering segment as a result of stiff competition faced from the global market, especially from China," the company said.