Westports 3Q net profit down amid higher tax expense

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KUALA LUMPUR (Nov 9): Westports Holdings Bhd's net profit fell 6% to RM142.32 million in the third quarter ended Sept 30, 2018 (3QFY18), from RM150.82 million a year earlier, mainly on higher tax expense. 

In a statement to Bursa Malaysia today, the port operator said its effective tax rate a year earlier was lower due to investment tax allowance (ITA) claim. Today, Westports said 3QFY18 revenue dropped to RM417.55 million, from RM492.28 million.
For 9MFY18, Westports reported a drop in net profit at RM387.93 million from RM440.53 million a year earlier. The company said revenue fell to RM1.2 billion from RM1.51 billion.

On prospects, Westports said its "container throughput is expected to register modest growth rate of low single-digit percentage in 2018." 

At 12.30pm, Westports shares settled down two sen or 0.53% at RM3.73. The stock saw 58,600 shares traded.