Marine Link
Thursday, July 19, 2018

PSA International Profit Jumps by 5.1% for 2017

Maritime Activity Reports, Inc.

March 19, 2018

Fock Siew Wah, Group Chairman, PSA International. Photo: PSA International

Fock Siew Wah, Group Chairman, PSA International. Photo: PSA International

 Port and terminal operator PSA International posted a 5.1 per cent jump in net profit to S$1.23 billion for the year ended 31 December 2017 on higher revenue and container throughput at its terminals worldwide.

 
The Group’s terminals saw a 9.8% year on year increase in box volumes handled to 74.2m teu. PSA’s flagship Singapore Terminals contributed 33.35 million TEUs, increasing 9.0% over 2016. PSA terminals outside Singapore delivered a total throughput of 40.89 million TEUs, increasing 10.4% over 2016. 
 
PSA Group revenue rose 7.8% and profit from operations grew 5.0% compared to previous year. 
 
Despite the social-political upheavals, economic disruptions, rising protectionism and chaotic operating conditions brought about by malicious large-scale cyber attacks on certain entities in 2017, PSA managed to continue a growth trajectory, performing creditably due in no small part to a resurgent global economy that appeared resistant to isolationist rhetoric and the ubiquitous consolidation of shipping alliances which hub their shipping services in many PSA terminals, said a statement from the company.
 
Fock Siew Wah, Group Chairman, PSA International said: "On behalf of the PSA board and management, let me express my deepest gratitude to our customers and business partners for their unfaltering confidence and trust in PSA. I would like to assure them that we stay committed to serving them to the best of our ability and to further strengthen our long term relationships. We would also not have achieved our corporate milestones without the remarkable resolve and unity of our management, staff and unions working tirelessly, hand in hand, to uphold PSA’s deep-rooted commitment to quality and excellence."
 
"Looking ahead in 2018 and into the future, the world and our industry will continue to be buffeted by an inexorable range and accelerating pace of transformation and disruptions in the way goods are produced, sold, transported and used. These changes present us with both challenges and opportunities. PSA will continue to work closely with its partners and customers to tap the relevant technologies, develop innovative solutions that facilitate trade flow and improve processes, and co-create business models that will bring sustained benefits and value to all stakeholders in the global supply chain,” Fock Siew added.
 
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