Friday 29 Mar 2024
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KUALA LUMPUR (Nov 10): Westports Holdings Bhd net profit for the third quarter ended Sept 30,2016 rose to RM151.03 million, from RM130.04 million a year earlier, due mainly to a 9% increase in container throughput from 2.29 million to 2.49 million twenty-foot equivalent units (TEUs).

In a filing with the stock exchange today, the port operator said revenue for the quarter increased to RM474.41 million, from RM400.78 million a year earlier.
Earnings per share was 4.43 sen, versus 3.81 sen a year earlier.

For the nine months ended Sept 30, Westports posted a net profit of RM481.98 million, versus RM372.32 million a year earlier, while its revenue rose to RM1.46 billion, from RM1.20 billion.

Reviewing its performance, Westports said container throughput had increased by 10% from 6.71 million to 7.39 million TEUs for the nine month period under review.

On its prospects, Westports said it expects container throughput growth ranging from 7% to 10% for 2016, mainly driven by the trans-shipment segment.

“All our expansion plans are on-going as per schedule,” it said.

Westports chief executive officer Ruben Emir Gnanalingam said the port operator’s above-industry average volume had reflected the results of its commitment towards accommodating growing requirements from customers.

“Westports has also benefited from shipping clients’ ad-hoc handling requirements, as they introduced larger vessels into their existing container shipping services.

“The sustained high container volume growth and heavy terminal utilisation have triggered the need to commence with the CT9 Phase 1 expansion to meet future requirements of our shipping customers.

“The CT9 Phase 1 expansion programme will entail the construction of the 600-metre wharf and additional Terminal Operating Equipment such as Ship-To-Shore Cranes and Rubber Tyred Gantry Cranes,” he said.

Gnanalingam said the impending realignment in the container shipping industry next year, will result in lesser number of, but significantly larger alliances.

“Westports has always been a supply-driven terminal that accommodates our clients’ requirements.

“To service these bigger alliances, we have completed our CT8 Phase 1 expansion, kept on schedule the CT8 Phase 2 construction work, and commenced on the latest CT9 Phase 1 container wharf,” he said.

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