Westports' 4Q net profit down 13.8pc but full-year earnings up
WESTPORTS Holdings Bhd's net profit dived by 13
WESTPORTS Holdings Bhd's net profit dived by 13.8 per cent to MYR125.44 million (US$30.29 million) in the fourth quarter from MYR145.54 million a year earlier, owing to an asset write-off linked to a vessel incident involving its subsidiary, Westports Malaysia Sdn Bhd (WMSB).
For the full year, Westports' net profit grew to MYR590.9 million from MYR533.47 million a year earlier, while revenue climbed to MYR1.78 billion from MYR1.61 billion.
'Westports handled a record throughput of 10.86 million TEU of containers in 2019. The increased volume of 14 per cent over the previous year has been contributed by transshipment containers, which improved to 7.23 million TEU, while gateway volume increased to 3.63 million TEU.
'On a quarterly basis, Westports also achieved another consecutive record-breaking container throughput level in the 4Q FY19 by handling 2.82 million TEU. Transshipment containers were at 1.84 million TEU whereas gateway boxes, which support domestic economic activities, improved to 980,000 TEU.
In a statement to Bursa Malaysia, the port operator said a berthing container vessel made contact with WMSB's two ship-to-shore cranes on November 8. As a safety measure, WMSB has partially closed the berths to assess the damages, reported The Edge Markets, Malaysia.
Westports' 4Q profit for the 2019 financial year before tax fell 18 per cent year on year to MYR158 million due to the asset write-off arising from the vessel incident. The group's profit after tax declined 14 per cent to MYR125 million due to the same reason.
The group's 4Q FY19 revenue rose to MYR452.82 million from MYR418.02 million a year ago, mainly attributed to growth in container volume and the implementation of the container tariff hike, effective March 1, 2019.