Malaysian port operator Westports Holdings Bhd said its net profit in the first quarter reached MYR171 million (US$43 million), higher by 42% from the same quarter in 2015.
Pre-tax profit in the quarter ended March 31, 2016 jumped 32% to MYR211 million year-on-year, and revenue rose 17% to MYR465 million.
The company attributed the sharp hike in profit to higher container tariffs since November last year, lower fuel costs, and the increased number and bigger sizes of vessels berthed. It also pointed to a one-off gain from the disposal of investment securities.
It noted that it handled 2.4 million twenty-foot equivalent units (TEUs) in the first quarter of this year, up 7% year-on-year and a quarterly record for the company.
By trade lane, intra-Asia volume, representing 47% of total throughput handled, expanded 4% to 1.13 million TEUs. The Asia-Europe sling, which comprised 25% of volume, moderated to just 3% growth to 610,000 TEUs. Meanwhile, traffic on Asia-North America, which made up 8% of volume at Westports, surged 127% to 200,000 TEUs.
Going forward, the company, which operates the multi-cargo Westports at Port Klang, cautiously sees positive growth in container throughput for the remaining quarters of the fiscal year despite a challenging economic outlook.
“It would be too hasty to predict based on one quarter as economic factors are still volatile,” it said.
Westports is continuing the upgrade and modernization of its facilities to bolster its cargo-handling capacity.
“The first phase of Container Terminal 8, consisting of a 300-meter wharf and supporting port equipment and facilities, is expected to be fully operational by the middle of 2016,” it said.
Photo: Rifleman_82
