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PSA International profit down 9.5pc to US$933.32 million as sales dip 6.7pc
SINGAPORE global port operator PSA International posted a 9.5 per cent year-on-year decline in net profit to S$1.26 billion (US$933.32 million) drawn on revenues of S$3.57 billion, which fell 6.7 per cent.
PSA International handled 64.10 million TEU in 2015, representing a year-on-year decrease of two per cent, with its flagship Singapore facilities handling 30.62 million TEU, down 8.7 per cent.
PSA terminals outside Singapore delivered a total throughput of 33.48 million TEU, increasing five per cent year on year.
"In 2015, the unusual volatility that persisted in the global marketplace caused a general loss of confidence on all fronts, bewildering governments, policy makers, central bankers, business leaders and investors," said the PSA statement accompanying the results.
"This culminated in sluggish or lower growth for most economies ?including China which had been for the past decade one of the world's key growth engines," said PSA.
"The container shipping industry was not spared as it grappled with softening trade and demand, excess tonnage capacity and depressed freight rates,?it said. Despite anticipating and preparing for the "oncoming storm", PSA said it was still adversely affected.
Said PSA chairman Fock Siew Wah. "I would like to express my gratitude towards our management, unions and staff for their cohesive efforts towards dealing with the many challenges."
Said PSA chief executive Tan Chong Meng: "The unprecedented pace of change is vexing the best minds in our industry and I am convinced that it will also shake up how industry players collaborate or compete in this dynamic environment.
"We will continue to invest, upgrade, give of our best to our customers and partners, and work alongside them to ride out the choppy waves towards calmer horizons," said Mr Tan.
PSA International handled 64.10 million TEU in 2015, representing a year-on-year decrease of two per cent, with its flagship Singapore facilities handling 30.62 million TEU, down 8.7 per cent.
PSA terminals outside Singapore delivered a total throughput of 33.48 million TEU, increasing five per cent year on year.
"In 2015, the unusual volatility that persisted in the global marketplace caused a general loss of confidence on all fronts, bewildering governments, policy makers, central bankers, business leaders and investors," said the PSA statement accompanying the results.
"This culminated in sluggish or lower growth for most economies ?including China which had been for the past decade one of the world's key growth engines," said PSA.
"The container shipping industry was not spared as it grappled with softening trade and demand, excess tonnage capacity and depressed freight rates,?it said. Despite anticipating and preparing for the "oncoming storm", PSA said it was still adversely affected.
Said PSA chairman Fock Siew Wah. "I would like to express my gratitude towards our management, unions and staff for their cohesive efforts towards dealing with the many challenges."
Said PSA chief executive Tan Chong Meng: "The unprecedented pace of change is vexing the best minds in our industry and I am convinced that it will also shake up how industry players collaborate or compete in this dynamic environment.
"We will continue to invest, upgrade, give of our best to our customers and partners, and work alongside them to ride out the choppy waves towards calmer horizons," said Mr Tan.
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