PSA International profit down 5.9pc to US$887.2 million as sales rise 2.5pc

SINGAPORE global port operator PSA International's net profit decreased 5

23 March 2021 - 19:00
SINGAPORE global port operator PSA International's net profit decreased 5.9 per cent to S$1.19 billion (US$887.2 million) in 2020, drawn on revenues of S$4.1 billion, up 2.5 per cent.

Container throughput increased by almost two per cent year on year to 86.6 million TEU in 2020 while the group's revenue increased higher throughput and other business during the year.

The company's flagship terminal in Singapore contributed 36.6 million TEU, a decline of one per cent from 2019, while PSA's terminals outside Singapore increased volumes by four per cent to 50 million TEU.

'Despite the supply chain shocks in the first half of 2020, the PSA team, together with our partners, rallied to meet our customer needs around the world,' said PSA International chairman Peter Voser.

'This enabled us to finish the year on a strong footing with a credible performance, while still keeping safety at the forefront,' he said.

Said PSA International CEO Tan Chong Meng: 'As a key global player in the transport and logistics industry, PSA is in a unique position to innovate, influence and effect change across the supply chain for greater reliability, and also for a healthier and greener world.

'We are united in our drive to ensure long-term sustainability for our businesses, our partners, and the communities where we operate,' he said.

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