Malaysia: Westports’ profit up despite lower revenue
Westports Holdings Bhd’s net profit jumped 6.6% to $38.54mln for its fourth quarter ended Dec 31, 2014, resulting in a record 12-month net profit of $141.2 mln for the port operator.
However, revenue for the full year declined to $430 million from $472 million.
It posted an 8% increase in operational revenue to RM385.9mil from RM357.3mil for the quarter under review, while container throughput increased 11.7% to 2.19 million twenty-foot equivalent units (TEUs) from 1.96 million.
Its full-year operational revenue came in 11% higher at RM1.5bil compared to RM1.3bil a year earlier, due mainly to the 12% increase in container throughput to 8.4 million TEUs.
Chief executive officer Ruben Emir Gnanalingam said 2014 was a momentous year for the company as it achieved its highest ever operational revenue, profit level and also container throughput volume.
“To enhance our growth momentum, Westports is laying the foundation for the next phase of expansion as we capitalize on the ever-rising container throughput levels while also supporting our clients’ strategic requirements such as the Ocean Three Alliance (O3),” he said.
Capitalizing on Westports’ Klang Valley hinterland, its gateway container increased by 12.1%, boosted by the completion of Container Terminal 7 (CT7), while transshipment expanded further by 11.6%.