February 10, 2012 [The Star Online] - The Group offers a comprehensive range of logistics management services or total logistics solutions. Century Logistics Holdings Bhd floating storage units (FSUs) operation in Johor that was partly interrupted for two months late last year is currently back in business.
Deputy managing director Dr Mohamed Amin Kassim said its FSU operations in Pasir Gudang was interrupted from the middle of September to the middle of November where the number of its FSUs operating in Johor was down to the three from eight.
Last September, the Marine Department issued a directive to prevent any FSUs from operating off Pasir Gudang, mainly to improve access to the RM5bil Pengerang petroleum terminal.
“Thus, in order to continue our operations, we had discussed with the Marine Department and Port of Tanjung Pelepas to reposition our FSUs. All the eight FSUs are now back in operations, having repositioned off Port of Tanjung Pelepas areas,” he said.
The short interruption, Amin said, was not without any implications to the group’s profitability as the FSUs business which dealt with transfer and storage of oil products for international oil traders, commanded about 26% of its revenue.
“Century thus expects a lower fourth-quarter ended Dec 31, 2011 results against the same quarter in 2010. This will marginally affect our profits for 2011,” he said.
Century recorded a net profit of RM30.6mil on the back of RM270.4mil revenue in 2010.
On its Thai operation that was hit by the floods last year, Amin said Century was lucky as the client had not move in when the flood hit. “Thus, after the water receded, we just cleaned up the empty warehouse and checked on the electrical system.
“Our venture in Thailand initially hit a snag when a plan with a potential client did not work out due to rates disagreement but we continue the development of the warehouse.
