SINGAPORE's Temasek-owned port operator psa International's 2023 net profit dropped 6.3 per cent from the year before to SGD1.5 billion (US$1.1 billion).
This came as its revenue for the full year fell 11.2 per cent to SGD7.1 billion, from SGD8 billion the year before, the company said in a recent bourse filing, reports The Business of Singapore.
PSA International handled 94.8 million TEU for the financial year ended December 31, 2023. This represented a growth of 4.3 per cent from the previous year.
Out of this, its Singapore operations contributed 38.8 million TEU while PSA terminals outside the Republic delivered a total throughput of 56 million TEU, increasing 4.8 per cent and 3.9 per cent respectively from a year ago.
PSA said its balance sheet remains strong with a gross debt equity ratio of 0.46 times at the end of its financial year.
Peter Voser, PSA International's group chairman, said that 2023 was a year of transition amid global trade uncertainty.
'The PSA Group faced a challenging and constantly evolving business environment, but we continued to demonstrate resilience and grit while working alongside our customers, partners and stakeholders to navigate the unchartered waters,' he added.
Ong Kim Pong, group chief executive, said PSA will focus on expanding its core business of ports and enabling more agile and resilient supply chains in 2024.
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This came as its revenue for the full year fell 11.2 per cent to SGD7.1 billion, from SGD8 billion the year before, the company said in a recent bourse filing, reports The Business of Singapore.
PSA International handled 94.8 million TEU for the financial year ended December 31, 2023. This represented a growth of 4.3 per cent from the previous year.
Out of this, its Singapore operations contributed 38.8 million TEU while PSA terminals outside the Republic delivered a total throughput of 56 million TEU, increasing 4.8 per cent and 3.9 per cent respectively from a year ago.
PSA said its balance sheet remains strong with a gross debt equity ratio of 0.46 times at the end of its financial year.
Peter Voser, PSA International's group chairman, said that 2023 was a year of transition amid global trade uncertainty.
'The PSA Group faced a challenging and constantly evolving business environment, but we continued to demonstrate resilience and grit while working alongside our customers, partners and stakeholders to navigate the unchartered waters,' he added.
Ong Kim Pong, group chief executive, said PSA will focus on expanding its core business of ports and enabling more agile and resilient supply chains in 2024.
SeaNews Turkey
