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PSA profit increases 20.8pc to US$930 million in 2010

SINGAPORE's PSA International, one of the world's largest terminal operators, has announced a 20.8 per cent year-on-year increase in net profit for 2010 to S$1.18 billion (US$930 million) with revenue rising 6.3 per cent to S$4.08 billion.

The company posted a throughput increase of 14.4 per cent in 2010 compared to the previous year. The volume of PSA ports worldwide totalled a new high of 65.12 million TEU, the company said in a statement.

The flagship Singapore terminal handled 27.68 million TEU, rising 10.1 per cent, which "secures Singapore's position as the second largest container port in the world," said the company.

Its terminals outside Singapore handled 37.44 million TEU last year, showing a year-on-year increase of 17.8 per cent.

Looking forward to the performance in 2011, PSA International CEO Eddie Teh said: "In 2010, a convergence of all the measures macro and micro - government and industry - all had the desired effect of calming global markets. PSA and the port and shipping sector in tandem with all other industries benefited from the resulting outcome. Container volumes recovered strongly from the previous year and, with contribution of volumes from newly commissioned terminals in Busan, Chennai and Vung Tau in Vietnam, PSA Group ended the year with a new peak of 65.12 million TEU [up 14.4 per cent year on year], surpassing the previous high of 63.2 million TEU achieved during the heady and tumultuous times in 2008."

Less sanguine was PSA chairman Fock Siew Wah, who added: "I continue to be bothered by the lingering economic problems in the developed countries and the unfolding of a slowdown in China. PSA must therefore continue to remain very vigilant and focused so that we can be prepared for any challenges and seize any opportunities that come."

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