Singapore’s PSA International reported a net profit of S$1.14 billion (US$909 million) for 2011, a decrease of 3.7 percent year-on-year, even as both volume and revenue grew.
PSA in a prepared statement attributed the decline partly to the “higher operating expenditure under the inflationary cost environment.”
Despite slowing global container traffic and economic uncertainties, the port operator saw a 5.6 percent increase in throughput in 2011, handling 57.09 million TEUs (20-foot equivalent units). Including throughput from its Hong Kong port assets before their divestment in March 2011, PSA global throughput totaled 59.33 million TEUs, the company said.
The PSA flagship in Singapore handled 29.37 million TEUs for a growth of 6.1 percent, a new record.
PSA terminals outside of Singapore achieved a combined throughput of 27.72 million TEUs, representing a 5 percent year-on-year increase.
With volume growth, PSA group revenue also rose to S$4.31 billion in 2011, up 5.8 percent from 2010.
Fock Siew Wah, PSA chairman, said they began 2011 optimistic about the sustained recovery of the global economy. “However, the outlook became increasingly cloudy, exacerbated by a series of unanticipated shocks that rocked the world economy.”
Moving into 2012, Fock said the company is not ruling out another possible recession and is strengthening its financials “to be better positioned to face the challenges that will emerge in the future.”
Photo: gailf548
