Westports profit up 5.5pc to US$120.6 million as revenue rises 7.8pc
MALAYSIA's Westports Holdings has posted a 5
MALAYSIA's Westports Holdings has posted a 5.5 per cent year-on-year net profit increase to MYR491 million (US$120.6 million), drawn on revenue of MYR1.43 billion. up 7.8 per cent.
This is after setting aside a tax provision of MYR156 million or an effective tax rate of 24 per cent, noted Singapore's New Straits Times.
For the third quarter (Q3), Westports' net profit increased 28 per cent year-on-year to MYR203.85 million.
Container throughput improved in Q3 with a six per cent growth to 2.93 million TEU as global economic activities resumed after the earlier lockdowns.
'Both local and transshipment containers saw volume increases,' Westports said in a statement.
For the nine-month period, Westports said it handled fewer containers at 7.73 million TEU, as demand was affected by the Covid crisis.
The company said it had achieved a new container volume record by handling 23,183 TEU on one vessel, the 20,776-TEU CMA CGM Antoine de Saint Exupery when she called at Westports.
Westports said some of the increase was attributable to construction activities arising from development work on a new liquid bulk jetty and CT9's new Container Yard Zone Z.
Group managing director Datuk Ruben Emir Gnanalingam said Westports container volume had declined by four per cent for the first nine months despite a pandemic-affected year.
He said the rebound in Q3 helped cushioned the decline during the first six months of the year, after many countries emerged from lockdowns arrangements and movement restrictions.
'As we enter into the Q4 of 2020, many regions and cities have reimposed various forms of lockdown again. However, we cautiously expect a less adverse impact from the latest lockdown, compared to the Q2 of 2020, as societies and economies adjust to these movement restrictions,' he said.