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Westports' handles 9.95m TEU in 2016 with profits up 26pc to US$143.4m
MALAYSIAN port operator Westports Holdings saw its 2016 net profit increase 26 per cent compared to 2015 to MYR637 million (US$143.4 million).
Net profit in the last quarter of the year increased by 17 per cent to MYR155 million while turnover rose to MYR573.3 million from MYR477 million, the company said in a stock market release.
Container volume last year surged by 10 per cent year on year to a record 9.95 million TEU, which the company attributed to achieving the positive results. Westports said that the continued strong growth came from transshipment containers as it helped support the regional trading market, reported Seatrade Maritime News.
"Over the course of 2016, Westports has also benefited from shipping clients' ad-hoc handling requirements as they introduced larger vessels into their existing container shipping services.
"The record container volume handled and active terminal utilisation of the recently completed Container Terminal 8 (CT8) Phase 1 facilitated the need to commence with CT9 Phase 1 expansion to meet the future requirements of our shipping customers and also raise the overall terminal handling capacity at Port Klang.
"The CT9 Phase 1 expansion will entail the construction of an additional 600-metre wharf and new terminal operating equipment such as ship-to-shore cranes and rubber-tyred gantry cranes," he said.
The second phase of Container Terminal 8, consisting of a 300-metre wharf and supporting terminal operating equipment and facilities are expected to be operational by the middle of 2017.
"The handling capacity will increase to 12.5 million TEU by the middle of 2017. We have commenced the first phase of Container Terminal 9, consisting of 600-metre wharf with expected completion by December 2017," Westports said.
Net profit in the last quarter of the year increased by 17 per cent to MYR155 million while turnover rose to MYR573.3 million from MYR477 million, the company said in a stock market release.
Container volume last year surged by 10 per cent year on year to a record 9.95 million TEU, which the company attributed to achieving the positive results. Westports said that the continued strong growth came from transshipment containers as it helped support the regional trading market, reported Seatrade Maritime News.
"Over the course of 2016, Westports has also benefited from shipping clients' ad-hoc handling requirements as they introduced larger vessels into their existing container shipping services.
"The record container volume handled and active terminal utilisation of the recently completed Container Terminal 8 (CT8) Phase 1 facilitated the need to commence with CT9 Phase 1 expansion to meet the future requirements of our shipping customers and also raise the overall terminal handling capacity at Port Klang.
"The CT9 Phase 1 expansion will entail the construction of an additional 600-metre wharf and new terminal operating equipment such as ship-to-shore cranes and rubber-tyred gantry cranes," he said.
The second phase of Container Terminal 8, consisting of a 300-metre wharf and supporting terminal operating equipment and facilities are expected to be operational by the middle of 2017.
"The handling capacity will increase to 12.5 million TEU by the middle of 2017. We have commenced the first phase of Container Terminal 9, consisting of 600-metre wharf with expected completion by December 2017," Westports said.
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