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Westports' 2017 Pre-Tax Profit Down On Lower Container Throughput
February 08, 2018 15:20 PM

KUALA LUMPUR, Feb 8 (Bernama) -- Port operator WestportsHoldings Bhd's pre-tax profit for the year ended Dec 31,2017 slipped 10 per cent to RM676.9 million compared with RM754.81 million in 2016due tolower container throughput and higher fuel cost.

This was on the back of slightly higher revenue ofRM2.08 billion compared with RM2.03 billionin 2016, it said in a filing to Bursa Malaysia today.

"Compared with the preceding year, overall container volume moderated bynine per cent, but profit after tax for the 12-month period improved to RM652 million due to a more favourable mix of gateway volume and also investment tax allowance," it said.

Container operations handled 9.0 million Twenty-foot Equivalent Unit (TEUs) in 2017.

Group Managing DirectorDatuk Ruben Emir Gnanalingamsaid the container shipping industry had gonethrough an unprecedented realignment changes that had affected almost all major liners in 2017.

"The industry alsowitnessed a wave of mergers and acquisitions, some of which involvedWestports' clients.

"These changes had adversely affected our total transhipment volume last year, butWestports have transitioned towards servingnew services under the Ocean Alliance," he said.

The company said pre-tax profit for the fourth quarter fell to RM145.43 millionyear-on-yearcompared with RM174.18 million previously,while revenue stood at RM573.95 million versus RM573.26 million previously.

As for outlook, it saidWestports' Container throughput was expected to register a modest growth rate of alow single-digit percentage for2018.


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