MALAYSIA's westports Holdings Bhd's net profit dropped 24.4 per cent to MYR150.39 million (US$31.70 million) in the third quarter ended September 30, 2022, from MYR199.06 million in the same quarter last year due to higher fuel costs and one-off sundry income.
The company noted that the net profit was also dragged down by a one-off Prosperity Tax this year.
Revenue rose 3.1 per cent to MYR520.54 million in Q3 2022 versus MYR504.89 million a year earlier, mainly attributable to the growth in conventional revenue, reports Malaysia's New Straits Times.
For the nine months, the company's net profit dropped 20.6 per cent to MYR464.54 million from MYR585.35 million in the same period last year.
Revenue rose 2 per cent to MYR1.55 billion from MYR1.52 billion last year as the container segment contributed 86 per cent to total revenue by handling a throughput volume of 7.47 million TEU.
Westports noted the challenging external economic conditions and container shipping companies' operational adjustments, which consequently contributed to a reduction in the transshipment containers handled to 4.52 million TEU.
The domestic economy demonstrated better resilience, and export-oriented sectors benefited from increased competitiveness with a weaker local currency.
The overall gateway volume increased by 7 per cent to 2.95 million TEU, with much growth during Q3 2022.
The company moved 8.87 million tonnes of cargo in the conventional segment, with a notable increase in breakbulk.
Group managing director Datuk Ruben Emir Gnanalingam Abdullah said the disruption in the supply chain has eased inflationary pressure, the zero-Covid policy in the Far East, energy prices plus economic challenges in Europe, and disrupted global wealth effects due to correcting markets that are contributing to slower economic activities across many regions.
The container throughput momentum in the current year could moderate downward toward a marginal single-digit decline.
'However, the local economy is currently relatively less adversely affected.
'Therefore, Westports will continue to play our role as the leading gateway port for Malaysia and support her economic activities,' he added.
SeaNews Turkey
The company noted that the net profit was also dragged down by a one-off Prosperity Tax this year.
Revenue rose 3.1 per cent to MYR520.54 million in Q3 2022 versus MYR504.89 million a year earlier, mainly attributable to the growth in conventional revenue, reports Malaysia's New Straits Times.
For the nine months, the company's net profit dropped 20.6 per cent to MYR464.54 million from MYR585.35 million in the same period last year.
Revenue rose 2 per cent to MYR1.55 billion from MYR1.52 billion last year as the container segment contributed 86 per cent to total revenue by handling a throughput volume of 7.47 million TEU.
Westports noted the challenging external economic conditions and container shipping companies' operational adjustments, which consequently contributed to a reduction in the transshipment containers handled to 4.52 million TEU.
The domestic economy demonstrated better resilience, and export-oriented sectors benefited from increased competitiveness with a weaker local currency.
The overall gateway volume increased by 7 per cent to 2.95 million TEU, with much growth during Q3 2022.
The company moved 8.87 million tonnes of cargo in the conventional segment, with a notable increase in breakbulk.
Group managing director Datuk Ruben Emir Gnanalingam Abdullah said the disruption in the supply chain has eased inflationary pressure, the zero-Covid policy in the Far East, energy prices plus economic challenges in Europe, and disrupted global wealth effects due to correcting markets that are contributing to slower economic activities across many regions.
The container throughput momentum in the current year could moderate downward toward a marginal single-digit decline.
'However, the local economy is currently relatively less adversely affected.
'Therefore, Westports will continue to play our role as the leading gateway port for Malaysia and support her economic activities,' he added.
SeaNews Turkey
