Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 3): Westports Holdings Bhd said it achieved a container throughput of about nine million twenty-foot equivalent units (TEU) for financial year ended Dec 31, 2017 (FY17) as Malaysia's Port Klang became one of the leading transhipment hubs in the region for the Ocean Alliance.

Westports told Bursa Malaysia today the estimated nine million TEUs figure is within Westports' volume guidance. Westports said it had earlier guided an FY17 container throughput, which was 7% to 12% lower compared to the previous year.

"The Ocean Alliance and its members are amongst the key clients of WHB (Westports) and the former unveiled its Day One Product before the commencement of its services on April 1, 2017.

"In December 2017, the Ocean Alliance has optimised its offerings and announced the Day Two Product by adding new services, additional capacity and container ships. The services will start in April 2018, and Port Klang continues to be one of the leading transhipment hubs in the region for Ocean Alliance," Westports said.

Westports said today it is complying with Malaysian Financial Reporting Standards (MFRS) because the company has adopted MFRS 15 since January 2017.

"MFRS 15 will supersede MFRS 118 Revenue, MFRS 111 Construction Contracts and revenue related interpretations issued by the Malaysian Accounting Standards Board. The accounting rule MFRS 15 is effective for financial periods beginning on or after Jan 1, 2018, and earlier application is permitted. WHB started the transition towards MFRS 15 last year in January 2017. From Jan 1, 2018, the company is in full compliance with this new requirement." Westports said.

At Bursa Malaysia, Westports shares settled at RM3.74 at 12:30pm. The stock saw 260,000 shares changing hands.

 

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