Westports Q1 Pre-tax Profit Slips To RM179 Mln
April 27, 2017 15:15 PM
KUALA LUMPUR, April 27 (Bernama) -- Westports Holdings Bhd's pre-tax profit for the first quarter ended March 31, 2017 declined to RM179.08 million from RM210.99 million recorded in the same period last year, mainly due to higher fuel cost.
Revenue, however, increased to RM520.93 million from RM464.71 million, registered in the same corresponding period.
In a filing to Bursa Malaysia today, the group said container throughput increased one per cent from 2.41 million to 2.43 million twenty-foot equivalent units (TEUs) for the period under review.
Meanwhile, Westports, in a statement, said Intra-Asia segment constituted half of the total containers handled and this segment saw a favourable increase of nine per cent.
Westports continued to facilitate domestic economic activities as the gateway volume of both laden export and import containers grew by three per cent in the first quarter of 2017.
It added that conventional throughput in the first quarter of 2017 increased eight per cent to 2.8 million tonnes as Westports handled more liquid bulk cargoes.
As for the current year's prospects, it said due to changing market conditions, Westports targeted to maintain similar container throughput as achieved in 2016.
"We have commenced the first phase of Container Terminal 9, consisting of a 600- metre wharf which was expected to be completed by end-Dec," said Westports.
The second phase of the Container Terminal 8, consisting a 300-metre wharf and supporting terminal operating equipment and facilities, was expected to be operational by mid-2017, said Westports.
The handling capacity would be enhanced to 12.5 million TEUs per annum by the middle of 2017 with the added wharf facilities