PSA International's 2012 net profit up 10.7pc to US$1.02 billion
SINGAPORE's global port operator PSA International and its subsidiaries have achieved a net profit of S$1.25 billion (US$1.016 billion) for the year ending December 31, 2012, representing an increase of 10.7 per cent compared to the previous year.
Revenue in 2012 rose 4.3 per cent year on year to S$4.5 billion, with profit from operations contributing S$1.84 billion to the result, up 6.7 per cent compared to 2011. Full year 2012 expenses rose 2.5 per cent to S$2.99 billion.
Said group CEO Tan Chong Meng: "The continuing roll-out of mega ships, ordered during sunnier economic times a few years ago, saddled the industry with overcapacity in container shipping tonnage. This combined with a downcast global market place of regional economic woes, weak or increasingly domestic trade flows, and high bunker prices set an ominous and confidence-dampening environment."
Despite the challenging economic conditions, the PSA Group handled a total of 60.06 million TEU in 2012, an increase of 5.2 per cent year on year.
Its flagship, Singapore Terminals, set a new annual throughput record by handling 31.26 million TEU, up 6.4 per cent against 2011's volumes.
Port terminals outside Singapore achieved a total throughput of 28.8 million TEU, representing an increase of 3.9 per cent year on year. Outside Singapore, record volumes were also achieved by its terminals in Sines (Portugal), Mersin (Turkey), Genoa, Chennai, Dongguan and Busan.
Said Mr Tan: "I expect 2013 to present at least an equal dose of adrenaline-pumping developments - there will be storm clouds, rough seas and possibly silver linings. PSA will do what it takes to stay its course. We will grow our business, improve our processes and develop our people to remain the world's port of call. The journey will be bumpy and the competition formidable, but I am confident that with all of us pulling together, and with the support of our customers and partners, we have what it takes to weather the journey."
SINGAPORE's global port operator PSA International and its subsidiaries have achieved a net profit of S$1.25 billion (US$1.016 billion) for the year ending December 31, 2012, representing an increase of 10.7 per cent compared to the previous year.
Revenue in 2012 rose 4.3 per cent year on year to S$4.5 billion, with profit from operations contributing S$1.84 billion to the result, up 6.7 per cent compared to 2011. Full year 2012 expenses rose 2.5 per cent to S$2.99 billion.
Said group CEO Tan Chong Meng: "The continuing roll-out of mega ships, ordered during sunnier economic times a few years ago, saddled the industry with overcapacity in container shipping tonnage. This combined with a downcast global market place of regional economic woes, weak or increasingly domestic trade flows, and high bunker prices set an ominous and confidence-dampening environment."
Despite the challenging economic conditions, the PSA Group handled a total of 60.06 million TEU in 2012, an increase of 5.2 per cent year on year.
Its flagship, Singapore Terminals, set a new annual throughput record by handling 31.26 million TEU, up 6.4 per cent against 2011's volumes.
Port terminals outside Singapore achieved a total throughput of 28.8 million TEU, representing an increase of 3.9 per cent year on year. Outside Singapore, record volumes were also achieved by its terminals in Sines (Portugal), Mersin (Turkey), Genoa, Chennai, Dongguan and Busan.
Said Mr Tan: "I expect 2013 to present at least an equal dose of adrenaline-pumping developments - there will be storm clouds, rough seas and possibly silver linings. PSA will do what it takes to stay its course. We will grow our business, improve our processes and develop our people to remain the world's port of call. The journey will be bumpy and the competition formidable, but I am confident that with all of us pulling together, and with the support of our customers and partners, we have what it takes to weather the journey."