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Westports quarterly profit up 42pc to US$43.7 million as sales rise 16.8pc
MALAYSIAN port operator Westports Holdings first quarter net profit increased 42 per cent year on year to MYR171.1 million (US$43.7 million), drawn on revenues of MYR464.7 million, up 16.8 per cent.
Expansion and modernisation of port operations in Port Klang has increased cargo handling capacity, the company said in a stock market filing.
The rise in profits was driven by a one-off gain from a disposal of investment securities, higher container tariffs since November and cheaper fuel cost, said the Westports statement.
Westports handled 2.4 million TEU in the first quarter. Of these, transshipment volumes rose to 1.8 million TEU while the group handled 600,000 TEU of gateway containers, reports Seatrade Maritime News.
Westports CEO Ruben Emir Gnanalingam said the terminal started the year on a positive note, managing a high quarterly container volume against a challenging economic environment and modest regional growth.
Going forward, he said that with the addition of two units of new state-of-the-art 52-metre high ship-to-shore cranes and three units of energy-efficient rubber-tyre gantry cranes to the group's fleet of terminal operating equipment, Westports would continue to be a pre-eminent regional transshipment hub while accommodating Malaysia's growing economic, import and export trading requirements.
Expansion and modernisation of port operations in Port Klang has increased cargo handling capacity, the company said in a stock market filing.
The rise in profits was driven by a one-off gain from a disposal of investment securities, higher container tariffs since November and cheaper fuel cost, said the Westports statement.
Westports handled 2.4 million TEU in the first quarter. Of these, transshipment volumes rose to 1.8 million TEU while the group handled 600,000 TEU of gateway containers, reports Seatrade Maritime News.
Westports CEO Ruben Emir Gnanalingam said the terminal started the year on a positive note, managing a high quarterly container volume against a challenging economic environment and modest regional growth.
Going forward, he said that with the addition of two units of new state-of-the-art 52-metre high ship-to-shore cranes and three units of energy-efficient rubber-tyre gantry cranes to the group's fleet of terminal operating equipment, Westports would continue to be a pre-eminent regional transshipment hub while accommodating Malaysia's growing economic, import and export trading requirements.
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