Asia/Pacific News
Malaysia's Straits Energy Resources Reports 1.3% Gain in Q1 Bunkering Profit
Malaysian marine fuel supplier Straits Energy Resources has reported a 1.3% year-on-year gain in its first-quarter profits from bunkering and oil trading.
The firm saw pre-tax profit of 3.9 million ringgit ($890,276) from its oil trading and bunkering services unit in the first quarter of this year, up by 1.3% from the same period a year earlier. The unit saw revenue of 637.8 million ringgit, up by 120% on the year.
The bunkering unit's increase profits came "as a result of its market expansion into Port Klang, besides riding on the recovery in the maritime industry and rising global oil prices," the company said in the statement.
"As the COVID-19 pandemic continues to pose challenges to the global business environment since its outbreak in March 2020, the economy outlook remains highly uncertain with the continuous mutation of the COVID-19 virus."
