Westports quarterly profit up 9pc to US$35.5 million as boxes climb 9pc
MALAYSIAN port operator Westports Holdings' third quarter net profit rose nine per cent year on year to MYR151 million (US$35.5 million), drawn on revenues of MYR474.4 million, up 18 per cent.
Results have been consistently good throughout the year. For the first nine months, net profit hit MYR461.8 million drawn on revenue of MYR1.46 billion, up 19 per cent.
Quarterly container throughput rose nine per cent to 2.49 million TEU while for the first nine months, volumes rose 10 per cent year on year to 7.39 million TEU year on year - an all-time high.
Transshipments were key to growth, though gateway containers also added to the numbers by posting higher volumes as well, reported Seatrade Maritime News.
Westports maintained its dominance of Port Klang, moving 76 per cent of all containers moved. In terms of exports, the volume of laden export containers increased five per cent.
Non-container cargo also posted gains. Westports said conventional cargo volumes for the first nine months of the year increased 10 per cent to 8.5 million tonnes with more dry bulk crossing the docks such as sugar and grains.
Break bulk tonnages coming through the port, such as steel products and project cargoes, for domestic applications and economic activities also increased, Westports noted.
Meanwhile, liquid bulk throughput was up 21 per cent with contributions from bunker operations.
Said Westports CEO Ruben Emir Gnanalingam: "Above-industry average volume growth results from our commitment to accommodating growing requirements from our customers.
"Westports has also benefited from shipping clients' ad-hoc handling requirements as they introduced larger vessels into their existing container shipping services," he said.
Mr Gnanalingam said container growth and heavy terminal utilisation have triggered the need to commence with the CT9 Phase 1 expansion to meet the future requirements.
The expansion entails the building of a 600-metre quay and adding more yard equipment such as ship-so-shore cranes and rubber tyre gantries (RTG).
"The impending realignment in the container shipping industry next year will result in fewer but larger alliances," he said.
"To service these bigger alliances, we have completed our CT8 Phase 1 expansion, kept on schedule the CT8 Phase 2 construction work, and commenced on the latest CT9 Phase 1 container wharf," he said.
MALAYSIAN port operator Westports Holdings' third quarter net profit rose nine per cent year on year to MYR151 million (US$35.5 million), drawn on revenues of MYR474.4 million, up 18 per cent.
Results have been consistently good throughout the year. For the first nine months, net profit hit MYR461.8 million drawn on revenue of MYR1.46 billion, up 19 per cent.
Quarterly container throughput rose nine per cent to 2.49 million TEU while for the first nine months, volumes rose 10 per cent year on year to 7.39 million TEU year on year - an all-time high.
Transshipments were key to growth, though gateway containers also added to the numbers by posting higher volumes as well, reported Seatrade Maritime News.
Westports maintained its dominance of Port Klang, moving 76 per cent of all containers moved. In terms of exports, the volume of laden export containers increased five per cent.
Non-container cargo also posted gains. Westports said conventional cargo volumes for the first nine months of the year increased 10 per cent to 8.5 million tonnes with more dry bulk crossing the docks such as sugar and grains.
Break bulk tonnages coming through the port, such as steel products and project cargoes, for domestic applications and economic activities also increased, Westports noted.
Meanwhile, liquid bulk throughput was up 21 per cent with contributions from bunker operations.
Said Westports CEO Ruben Emir Gnanalingam: "Above-industry average volume growth results from our commitment to accommodating growing requirements from our customers.
"Westports has also benefited from shipping clients' ad-hoc handling requirements as they introduced larger vessels into their existing container shipping services," he said.
Mr Gnanalingam said container growth and heavy terminal utilisation have triggered the need to commence with the CT9 Phase 1 expansion to meet the future requirements.
The expansion entails the building of a 600-metre quay and adding more yard equipment such as ship-so-shore cranes and rubber tyre gantries (RTG).
"The impending realignment in the container shipping industry next year will result in fewer but larger alliances," he said.
"To service these bigger alliances, we have completed our CT8 Phase 1 expansion, kept on schedule the CT8 Phase 2 construction work, and commenced on the latest CT9 Phase 1 container wharf," he said.
